Financial Performance - Revenue for the first quarter reached RMB 7,161,642,321, representing a 1.10% increase compared to RMB 7,083,601,678 in the same period last year[6] - Net profit attributable to shareholders increased by 31.80% to RMB 233,909,321 from RMB 177,469,351 year-on-year[6] - Basic earnings per share rose by 25.32% to RMB 0.11, up from RMB 0.09 in the previous year[6] - Net profit for Q1 2025 was RMB 344,906,499, representing a 18.1% increase from RMB 291,984,821 in Q1 2024[15] - Operating profit for Q1 2025 was RMB 522,626,995, up 47.0% from RMB 355,565,938 in Q1 2024[15] - Total operating revenue for Q1 2025 reached RMB 7,161,642,321, a slight increase of 1.1% compared to RMB 7,083,601,678 in Q1 2024[15] - Total operating costs for Q1 2025 were RMB 6,656,695,494, a decrease of 1.7% from RMB 6,770,044,998 in Q1 2024[15] - The company’s total comprehensive income for Q1 2025 was RMB 246,248,319, down from RMB 375,752,767 in Q1 2024[15] Cash Flow and Assets - The net cash flow from operating activities showed a significant decline of 199.22%, resulting in a negative cash flow of RMB -106,157,590[6] - The company reported a net cash flow from operating activities of -RMB 106,157,590 in Q1 2025, compared to RMB 106,994,109 in Q1 2024[18] - Cash and cash equivalents at the end of Q1 2025 totaled RMB 5,454,580,595, down from RMB 5,881,347,510 at the end of Q1 2024[19] - The company's cash and cash equivalents decreased to RMB 6,303,644,500 from RMB 6,809,002,574, representing a decline of approximately 7.41%[13] - Current assets totaled RMB 15,874,920,557, slightly up from RMB 15,791,607,023, indicating a marginal increase of about 0.53%[13] - Total assets at the end of the reporting period were RMB 71,068,870,929, a 2.24% increase from RMB 69,512,689,187 at the end of the previous year[6] - The company’s total non-current assets reached RMB 55,193,950,372, an increase from RMB 53,721,082,164, reflecting a growth of about 2.74%[13] Shareholder Information - The company reported a total of 42,849 shareholders as of March 31, 2025, with 42,840 being A-share shareholders[9] - The top three shareholders hold a combined 73.31% of the shares, with Hong Kong Central Clearing Limited holding 35.34%[10] Liabilities and Equity - Total liabilities increased to RMB 36,152,798,036 from RMB 34,614,884,740, which is an increase of about 4.45%[14] - The company's long-term borrowings stood at RMB 9,786,214,543, up from RMB 9,598,770,711, reflecting an increase of approximately 1.95%[14] - The total equity attributable to shareholders increased to RMB 30,483,590,615 from RMB 30,291,427,176, indicating a growth of about 0.63%[14] Operational Efficiency and Strategy - The company plans to continue focusing on increasing profitability through enhanced operational efficiency and strategic investments[6] - Non-operating income included government subsidies amounting to RMB 30,597,736, contributing positively to the financial results[8] Inventory and Receivables - Accounts receivable rose significantly to RMB 3,752,968,534, up from RMB 2,969,799,883, marking an increase of around 26.36%[13] - The company's inventory remained stable at RMB 3,096,903,917, compared to RMB 3,057,769,490, showing a slight increase of around 1.28%[13] - The company reported a total of RMB 806,087,922 in contract liabilities, up from RMB 715,946,303, which is an increase of approximately 12.66%[14] Financial Expenses - The company incurred financial expenses of RMB 309,432,477 in Q1 2025, significantly higher than RMB 182,064,693 in Q1 2024[15] Management and Location - The board of directors includes executive directors Li Yeqing (CEO) and Liu Fengshan (Vice President) as well as non-executive directors and independent non-executive directors[23] - The company is based in Wuhan, Hubei Province, China[23]

HUAXIN CEMENT CO., LTD.* 華新水泥股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） 股份代號 : 6655 年 報 * 僅供識別 * For identification purposes only ANNUAL REPORT ANNUAL REPORT 2024 年 報 HUAXIN CEMENT CO., LTD.* 華新水泥股份有限公司 (a joint stock company incorporated in the People's Republic of China with limited liability) Stock code : 6655 重要提示 一、 本公司董事會、監事會及董事、監事、高級管理人員保證年度報告內容的真實性、準確 性、完整性，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、 公司全體董事出席第十一屆董事會第十次會議。 三、 安永華明會計師事務所（特殊普通合夥）為本公司出具了標準無保留意見的審計報告。 四、 公司執行董事兼總裁李葉青、主管會計工作負責人陳騫及會計機構負責人（會計主 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company's operating revenue was approximately RMB 34.22 billion, an increase of 1.36% compared to RMB 33.76 billion in 2023[4]. - The net profit attributable to shareholders for 2024 was approximately RMB 2.42 billion, a decrease of 12.52% from RMB 2.76 billion in 2023[4]. - Basic earnings per share for 2024 were RMB 1.16, down 12.78% from RMB 1.33 in 2023[4]. - The company's net cash flow from operating activities for 2024 was RMB 5.98 billion, a decrease of 4.14% compared to RMB 6.24 billion in 2023[8]. - The weighted average return on equity for 2024 was 8.16%, down from 9.82% in 2023, representing a decrease of 1.66 percentage points[8]. - The company achieved a total operating revenue of RMB 34.22 billion, an increase of RMB 460 million year-on-year, with a decrease in cement and clinker sales by 1.64 million tons (2.6%) and an increase in concrete sales by 4.54 million cubic meters (17%)[30]. - The company reported a gross profit margin of 24.69%, a decrease of 2.02 percentage points compared to the previous year[30]. - Net profit attributable to shareholders decreased by 12.52% year-on-year, amounting to RMB 2.42 billion[37]. - The company achieved a net profit of CNY 1,928,498,891 for the fiscal year 2024, with a consolidated net profit attributable to shareholders of CNY 2,416,280,487[70]. - The company reported a decrease in clinker sales to RMB 760,340,715 in 2024, down 19.7% from RMB 947,002,919 in 2023[115]. Shareholder Information - The number of registered shareholders decreased from 52,723 as of December 31, 2024, to 51,386 as of February 28, 2025[9]. - Holcim Limited remains the controlling shareholder and actual controller of the company as of December 31, 2024[13]. - The company plans to distribute a cash dividend of CNY 0.46 per share based on a total share capital of 2,078,995,649 shares[70]. Operational Highlights - Overseas production capacity exceeded 22.5 million tons per year, reflecting an 8% year-on-year growth[23]. - The aggregate sales volume of aggregates reached 143.23 million tons, up 9% year-on-year[26]. - The company signed contracts for cement projects in Nigeria and aggregate projects in Brazil, accelerating international expansion[26]. - The company launched the first ultra-high-performance concrete product with a compressive strength exceeding 600 MPa in China[27]. - The company utilized 4.41 million tons of alternative fuels, an increase of 50,000 tons year-on-year[27]. - The company’s organizational structure was optimized into three segments: business operations, business management, and business support[27]. Cost and Expense Management - Operating costs increased by RMB 1.03 billion year-on-year, primarily due to the rise in concrete and aggregate sales, which contributed to a cost increase of RMB 971 million[31]. - The company maintained a cash-centric business model, achieving a 31.44% increase in accounts receivable to RMB 2.97 billion due to the expansion of concrete business[38]. - The company reported a decrease in sales expenses by 1.26% to RMB 1.50 billion, while management expenses increased by 3.34% to RMB 1.88 billion[35]. - The company implemented a comprehensive procurement strategy, achieving a six-month consecutive decline in raw material costs per ton of cement[29]. Cash Flow and Investments - The net cash flow from operating activities for the current period is RMB 5,977,317,233, a decrease of 4.14% compared to the same period last year[40]. - The net cash outflow from investing activities decreased by 43.10% to RMB -3,672,026,564, primarily due to reduced acquisition expenditures[40]. - The net cash outflow from financing activities increased by 54.69% to RMB -1,472,260,983, mainly due to the repayment of maturing corporate bonds[41]. Debt and Liabilities - Interest-bearing liabilities increased by 6.87% to RMB 18,122,243,730, attributed to the increase in long-term borrowings related to projects[43]. - The debt-to-asset ratio improved, decreasing by 1.74 percentage points to 49.80%[43]. - Total liabilities decreased to CNY 34,614,884,740 from CNY 35,432,552,822 year-over-year[74]. Future Outlook - The outlook for 2025 indicates a narrowing decline in domestic construction material demand, supported by government policies aimed at stabilizing the real estate market[50]. - The global economic growth is projected to stabilize at 3.2% in 2025, with certain regions expected to achieve over 5% growth[52]. - For 2025, the company projects total revenue to reach 37.1 billion yuan, with planned sales of approximately 5.7 million tons of cement and clinker[56]. - The company plans capital expenditures of about 13.3 billion yuan in 2025, focusing on aggregate, overseas cement capacity, and alternative fuel construction[57]. Risk Management - The company faces risks from declining domestic cement demand and severe overcapacity, which may lead to performance declines[63]. - Increased production costs due to various factors, including energy market uncertainties and compliance with carbon reduction targets, pose a risk to the company[64]. - The company is actively implementing various risk hedging strategies to mitigate regional economic and foreign exchange risks[68]. Environmental and Social Responsibility - The company achieved a carbon emission intensity of 583.26 kg, a reduction of 2.61 kg year-on-year[24]. - The company is committed to green and low-carbon development, increasing investments in safety and environmental protection measures[67]. - The company received multiple awards, including the "National May Day Labor Award" and recognition as a "Low Carbon Standardization Work Station" in the cement industry[29].

HUAXIN CEMENT CO., LTD.* 華新水泥股份有限公司 (a joint stock company incorporated in the People's Republic of China with limited liability) Stock code : 6655 INTERIM REPORT 2024 中期報告 2024 INTERIM REPORT * For identification purposes only HUAXIN CEMENT CO., LTD.* 華新水泥股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） 股份代號 : 6655 2024 中期報 告 * 僅供識別 目錄 | --- | --- | |---------------------------------|-------| | | | | | 頁碼 | | 一、 釋義 | 2 | | 二、 公司資料 | 3 | | 三、 管理層討論與分析 | 4 | | 四、 重要事項 | 9 | | 五、 股份變動及股東情況 | 10 | | 六、 董事、監事和高級管 ...

Financial Performance - For the six months ending June 30, 2024, the group's unaudited revenue was RMB 16,237 million, an increase of 2.56% compared to RMB 15,832 million in the same period of 2023[2] - The group's unaudited EBITDA for the same period was RMB 3,698 million, a decrease of 1.88% from RMB 3,769 million in the prior year[2] - The profit attributable to equity holders for the six months was RMB 731 million, down 38.74% from RMB 1,192 million in the same period last year, with basic earnings per share of RMB 0.35[2] - The net profit for the first half of 2024 was RMB 1,022 million, down from RMB 1,350 million in the same period of 2023[5] - The company reported a decrease in total comprehensive income to RMB 1,188 million from RMB 1,456 million in the same period last year[5] - The total profit for the first half of 2024 is $1,343,287,311, a decrease from $1,738,266,841 in the same period of 2023, representing a decline of approximately 22.7%[17] - The weighted average return on equity for the company is 2.49%, with basic and diluted earnings per share both at $0.35 for the first half of 2024[18] - The net profit attributable to shareholders was CNY 731 million, a year-on-year decrease of 38.74%[29] Revenue and Sales - For the first half of 2024, the company's total revenue reached RMB 16,237,373,654, an increase from RMB 15,831,572,500 in the same period of 2023, representing a growth of approximately 2.56%[9] - Cement sales accounted for RMB 8,367,925,294 in the first half of 2024, down from RMB 9,191,200,494 in the same period of 2023, reflecting a decline of approximately 8.97%[10] - The company’s cement business revenue was CNY 8.666 billion, down 11.25% year-on-year, with domestic revenue declining by 31.57%[29] - Cement and clinker sales volume was 28.4844 million tons, down 4.9% year-on-year, while overseas sales increased by 47.0% to 7.5976 million tons[29] Costs and Expenses - Total operating costs for the first half of 2024 were RMB 14,939 million, with operating costs specifically at RMB 12,397 million, compared to RMB 14,092 million in the same period of 2023[4] - The cost of revenue for the first half of 2024 was RMB 12,396,833,893, compared to RMB 11,971,182,161 in the first half of 2023, indicating an increase of about 3.55%[9] - Financial expenses for the first half of 2024 totaled RMB 399,954,782, significantly higher than RMB 245,237,036 in the same period of 2023, marking an increase of approximately 62.93%[15] - The average selling price of cement decreased by CNY 21.76 per ton to CNY 304.24 per ton, while the cost fell by CNY 10.39 per ton to CNY 241.24 per ton[30] Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 68,975 million, slightly up from RMB 68,800 million at the end of 2023[6] - The company's total liabilities as of June 30, 2024, amounted to RMB 35,992,702,978, an increase from RMB 35,505,385,821 as of December 31, 2023[7] - The total equity attributable to shareholders was RMB 28,687,519,804 as of June 30, 2024, down from RMB 28,932,949,847 at the end of 2023, a decrease of about 0.85%[7] - The total non-current liabilities reached RMB 17,092,323,471 as of June 30, 2024, up from RMB 16,571,170,755 at the end of 2023, representing an increase of approximately 3.15%[7] Cash Flow and Receivables - Cash and cash equivalents decreased to RMB 5,257 million from RMB 5,849 million at the end of 2023[6] - Accounts receivable as of June 30, 2024, total $3,185,256,332, an increase from $2,259,496,157 as of December 31, 2023, reflecting a growth of approximately 41%[19] - The allowance for bad debts increased to $262,665,491 as of June 30, 2024, compared to $235,701,561 at the end of 2023, marking an increase of about 11.4%[23] - The company has written off accounts receivable amounting to $3,085,320 during the current period[24] Strategic Focus and Future Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[2] - The company anticipates continued challenges in revenue generation due to market conditions, impacting future earnings guidance[17] - The company is focusing on improving its collection processes to manage accounts receivable more effectively[19] - The company plans to enhance its overseas business, with new production lines in Mozambique and Malawi expected to add a total of approximately 3 million tons of clinker capacity per year[31] - The company anticipates a seasonal recovery in cement demand in the second half of 2024, although overall demand is expected to decline for the year[33] - The company aims to become a leading multinational building materials enterprise, focusing on overseas multi-business development and digital AI-driven strategies[33] Governance and Compliance - The audit committee has been established to oversee the financial reporting process, risk management, and internal control systems[36] - The company adhered to the principles and code provisions of the Corporate Governance Code during the reporting period[37] - The company did not engage in any significant litigation or arbitration matters during the reporting period[34] - No significant events affecting the group occurred from the end of the reporting period until the announcement date[38]

HUAXIN CEMENT CO., LTD.* 華新水泥股份有限公司 (a joint stock company incorporated in the People's Republic of China with limited liability) Stock code : 6655 2023 ANNUAL REPORT 2023 年 報 ANNUAL REPORT * For identification purposes only HUAXIN CEMENT CO., LTD.* 華新水泥股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） 股份代號 : 6655 2023 年 報 * 僅供識別 重要提示 一、 本公司董事會、監事會及董事、監事、高級管理人員保證年度報告內容的真實性、準確 性、完整性，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、 公司全體董事出席第十屆董事會第三十一次會議。 三、 安永華明會計師事務所（特殊普通合夥）為本公司出具了標準無保留意見的審計報告。 四、 公司執行董事兼總裁李葉青、主管會計工作負責人陳騫及 ...

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。 HUAXIN CEMENT CO., LTD.* (於中華人民共和國註冊成立的股份有限公司) (股份代號： 6655) 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條和第13.10B條及《證券及期 貨條例》(香港法例第571章)第XIVA部刊發。 | --- | |------------------------------------------------------------------------------| | | | 根據中華人民共和國(「 」)上海證券交易所的適用規則，華新水泥股份有限公司(「 | | 」或「 」 ) 及其附屬公司(與本公司合稱為「 」) 由二零二四年一月一日至 | | 二零二四年三月三十一日 ( 「 」) 第一季度報告(「 」) 將於二零二四年四月 | | 二十七日刊登於中國報章，其所載財務報告乃根據中國會計準則編製，且未經審計。 | 季度報告以中文 ...

Financial Performance - For the fiscal year ending December 31, 2023, the company's operating revenue was approximately RMB 33.76 billion, an increase of 10.79% compared to 2022[2]. - The net profit attributable to shareholders for 2023 was approximately RMB 2.76 billion, reflecting a growth of 2.34% year-on-year[5]. - Basic earnings per share for 2023 were RMB 1.33, up by 2.31% from RMB 1.30 in 2022[5]. - The overall gross profit margin for the company was 26.71%, an increase of 0.49 percentage points year-on-year[21]. - Operating profit increased by 8.18% year-on-year, with total profit rising by 8.48%[26]. - Total revenue for 2023 reached RMB 33,757,087,272, an increase of 10.5% compared to RMB 30,470,382,363 in 2022[45]. - The cost of goods sold for 2023 was RMB 24,741,414,727, up from RMB 22,481,901,607 in 2022, reflecting a cost increase of 10.1%[65]. - The revenue from cement sales in 2023 was RMB 18,331,734,881, a decrease of 2.6% from RMB 18,829,682,529 in 2022[66]. Cash Flow and Financial Position - The net cash flow from operating activities increased by 36.51% to RMB 6.24 billion in 2023, compared to RMB 4.57 billion in 2022[5]. - The net cash flow from operating activities increased to RMB 6,235,555,071 in 2023, up 36.6% from RMB 4,567,694,220 in 2022[47]. - The net cash outflow from investing activities decreased by 1.929 billion RMB, a reduction of 23.02% year-on-year, mainly due to decreased expenditures on asset purchases and construction projects[29]. - The net cash flow from financing activities decreased by 2.724 billion RMB, a decline of 153.72% compared to the previous year, primarily due to increased repayments of maturing loans[29]. - Interest-bearing liabilities increased by 16.99% year-on-year, reaching 16.957 billion RMB at the end of the reporting period, mainly due to the addition of long-term loans and corporate bonds[30]. - The debt-to-asset ratio improved slightly, decreasing by 0.39 percentage points to 51.60%[30]. - The company’s total asset forecast for 2024 is approximately 73.7 billion yuan, with a projected debt-to-asset ratio of around 51%[37]. Shareholder Information - The number of registered shareholders decreased from 54,007 as of December 31, 2023, to 49,549 by February 29, 2024[7]. - Holcim Limited remains the controlling shareholder and actual controller of the company as of December 31, 2023[10]. - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[12]. Operational Highlights - Aggregate sales volume increased by 100% to 131.37 million tons, while concrete sales volume rose by 66% to 27.27 million cubic meters[17]. - The company achieved an overseas production capacity of 20.91 million tons per year, a 69% increase year-on-year, contributing RMB 5.44 billion in revenue, up 30%[17]. - The company added 6.7 million tons of aggregate production capacity, bringing total capacity to 27.7 million tons per year[18]. - The company successfully acquired 64.66% of Oman Cement Company and 100% of Natal Portland Cement Company, expanding its overseas operations[18]. - The company expanded its scale in concrete operations, leading to a 63.42% increase in accounts receivable year-on-year[28]. Cost and Expense Management - Cement production costs decreased by 10.29% year-on-year, with domestic cement costs down 12.79%[18]. - Significant increases in costs were noted, with raw material costs for cement rising by 20.9% and labor costs for concrete increasing by 87.5%[24]. - Financial expenses rose by 52.35% year-on-year, primarily due to increased interest payments[25]. Future Outlook - The domestic demand for building materials is expected to remain weak in 2024, with challenges in the real estate market and infrastructure investments continuing to be a focus for economic stability[33]. - The global cement demand, excluding China, is projected to increase by 2.4% in 2024, driven by growth in India, the Middle East, and Africa[35]. - The company aims to accelerate its transformation towards green, intelligent, and international development, focusing on integrated development, overseas expansion, and new building materials business in 2024[36]. - For 2024, the company plans to sell approximately 63 million tons of cement and clinker, 15.6 million tons of aggregates, and 30.52 million cubic meters of concrete, with projected total revenue reaching 37.1 billion yuan[37]. - The company aims for capital expenditures of about 6.9 billion yuan in 2024, focusing on capacity expansion in aggregates, concrete, and overseas cement production[37]. Risk Management - The company is committed to enhancing compliance and risk management to mitigate potential business risks and improve operational efficiency[38]. - The company faces risks from declining domestic cement demand and rising production costs due to various external factors[39]. - The company will implement various risk hedging strategies to reduce exposure to regional economic and foreign exchange risks[40].

Financial Performance - Operating revenue for the third quarter reached RMB 8,333,304,379, representing a year-on-year increase of 12.29%[4] - Net profit attributable to shareholders was RMB 681,763,299, reflecting a year-on-year increase of 6.89%[4] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 653,068,339, up 9.72% year-on-year[4] - Total revenue for the first three quarters of 2023 reached CNY 24.16 billion, an increase of 10.2% compared to CNY 21.81 billion in the same period of 2022[14] - Operating profit for the first three quarters of 2023 was CNY 2.91 billion, a decrease of 6.0% from CNY 3.09 billion in the same period of 2022[14] - Net profit attributable to shareholders for the first three quarters of 2023 was CNY 1.87 billion, down 15.7% from CNY 2.22 billion in the same period of 2022[14] - Total comprehensive income for the period was CNY 2,153,463,903, a decrease from CNY 3,006,116,925 in the previous year[15] - Basic and diluted earnings per share were both CNY 0.90, down from CNY 1.07 in the previous year[15] - The basic earnings per share for the reporting period was RMB 0.32, reflecting a year-on-year increase of 6.67%[4] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was RMB 3,502,921,498, showing a significant increase of 39.52%[6] - Net cash flow from operating activities increased to CNY 3,502,921,498, compared to CNY 2,510,671,236 in the same period last year, reflecting a growth of approximately 39.4%[16] - Cash inflow from operating activities totaled CNY 22,429,996,418, up from CNY 21,168,062,273, indicating a year-over-year increase of about 5.96%[16] - Cash outflow from investing activities decreased significantly to CNY 5,546,671,789 from CNY 9,722,910,982, showing a reduction of approximately 43.5%[16] - Net cash flow from financing activities was negative at CNY -1,862,927,893, compared to a positive CNY 1,242,686,954 in the previous year[16] - Cash and cash equivalents at the end of the period were CNY 5,587,057,061, a decrease from CNY 6,786,368,122 in the previous year[16] - The company’s cash and cash equivalents decreased to CNY 6.63 billion from CNY 7.04 billion, a decline of 5.8%[12] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 66,458,811,594, an increase of 3.45% compared to the end of the previous year[4] - Total assets as of September 30, 2023, amounted to CNY 66.46 billion, up from CNY 64.24 billion at the end of 2022, representing a growth of 3.5%[13] - Current assets totaled CNY 15.29 billion as of September 30, 2023, compared to CNY 14.45 billion at the end of 2022, indicating an increase of 5.8%[12] - Long-term borrowings rose to CNY 8.59 billion, an increase of 18.0% from CNY 7.28 billion at the end of 2022[13] - The company reported a decrease in total liabilities to CNY 33.90 billion as of September 30, 2023, compared to CNY 33.40 billion at the end of 2022, a reduction of 1.5%[13] Shareholder Information - The number of shareholders as of September 30, 2023, totaled 50,682, including 50,675 A-share shareholders and 7 H-share registered shareholders[7] - The company completed the cancellation of 17,604,206 A shares that were not vested due to performance targets not being met, at a repurchase price of 0 CNY per share on August 28, 2023[10] - The first phase of the 2023-2025 core employee stock ownership plan was approved, with a total of 2,917,577 A shares purchased, representing 0.1403% of the company's total share capital[10] Investments and Acquisitions - The company signed an agreement to acquire 100% equity of Natal Portland Cement Company (Pty) Ltd. for a total consideration of 231.6 million USD, subject to adjustments based on post-closing financial statements[11] - The company received approval to publicly issue bonds with a total face value of up to 3 billion CNY, and the process is progressing as planned[11] Research and Development - Research and development expenses increased significantly to CNY 166.21 million, compared to CNY 59.08 million in the same period of 2022, reflecting a growth of 181.5%[14]

Employee Stock Ownership Plan - Huaxin Cement's core employee stock ownership plan for 2020-2022 includes a total of 12,843,037 shares granted to other core employees[2]. - The grant price for shares under the employee stock ownership plan ranges from RMB 20.14 to RMB 26.88, with the fair value on the grant date estimated at RMB 24.85[2][3]. - The employee stock ownership plan was approved on September 25, 2020, and has a duration of 72 months from the first grant month[5]. - The maximum number of shares that any core employee can receive under the plan is capped at 345,193 shares[4]. - The company emphasizes the importance of the employee stock ownership plan in aligning employee interests with company performance[5]. Executive Shareholding - As of December 31, 2022, the total number of shares held by the executive directors and supervisors is 4,612,776 shares, with 811,749 shares expired during the year[2]. - The total shares held by the executive director Li Yeqing as of December 31, 2022, is 1,488,095 shares, with no shares expired during the year[2]. - The company reported no new grants during the year for several executives, maintaining their total shares held[2]. Stock Price Information - The stock price on the grant date for the plan on May 29, 2020, was RMB 25.14, while on February 10, 2021, it was RMB 19.56, and on May 6, 2022, it was RMB 22.30[3]. Reporting and Disclosure - The company has not made any changes to the information disclosed in the 2022 annual report aside from the supplementary details provided[5].