Core Viewpoint - The company has officially changed its name from "华新水泥股份有限公司" to "华新建材集团股份有限公司" as of October 29, 2025, following the completion of the business registration change procedures [1] Company Summary - The company has obtained a new business license from the Huangshi Market Supervision Administration, with all other details remaining unchanged [1]

Core Viewpoint - The company has officially changed its name from "Hua Xin Cement Co., Ltd." to "Hua Xin Building Materials Group Co., Ltd." as of October 29, 2025, following the completion of the business registration change process [1] Group 1 - The company has obtained a new business license from the Huangshi Market Supervision Administration [1] - Other details on the business license remain unchanged [1]

Core Viewpoint - The company has officially changed its name from "华新水泥股份有限公司" to "华新建材集团股份有限公司" as of October 29, 2025, following the completion of the business registration change procedures [1] Company Summary - The company has obtained a new business license from the Huangshi Market Supervision Administration, with all other details remaining unchanged [1]

Core Viewpoint - The company has officially changed its name from "华新水泥股份有限公司" to "华新建材集团股份有限公司" as of October 29, 2025, following the completion of the business registration change procedures [1] Company Summary - The company has obtained a new business license from the Huangshi Market Supervision Administration, with all other details remaining unchanged [1]

華新建材集團股份有限公司 HUAXIN BUILDING MATERIALS GROUP CO., LTD.* （於中華人民共和國注册成立的股份有限公司） （股份代號：6655） 變更公司名稱 茲提述華新建材集團股份有限公司（前稱華新水泥股份有限公司，「本公司」）日期分 別為2025年10月3日的公告及通函(「通函」)，內容有關（其中包括）本公司中文名稱 擬由「華新水泥股份有限公司」變更為「華新建材集團股份有限公司」，英文名稱由 「HUAXIN CEMENT CO.,LTD.」變更為「HUAXIN BUILDING MATERIALS GROUP CO., LTD.」 。除文義另有所指外，本公告所用詞彙應與通函所界定者具相同涵義。 於2025年10月29日，本公司完成了公司名稱的工商變更登記手續，並取得了黃石市市場 監督管理局換發的營業執照。本公司中文名稱由「華新水泥股份有限公司」變更為「 華新建材集團股份有限公司」，營業執照其他內容不變。 香港交易及结算所有限公司及香港联合交易所有限公司对本公告的内容概不负责，对其准确性或 完整性亦不发表任何声明，并明确表示，概不对因本公告全部或任何部份内容而产生或因倚赖该 ...

华新建材集团股份有限公司 章 程 1 | 第一章 | 总 则 | | 3 | | --- | --- | --- | --- | | 第二章 | 经营宗旨和范围 | | 5 | | 第三章 | 股 份 | | 6 | | 第一节 | 股份发行 | | 6 | | 第二节 | | 股份增减和回购 | 7 | | 第三节 | 股份转让 | | 8 | | 第四章 | 股票和股东名册 | | 10 | | 第五章 | 股东和股东会 | | 12 | | 第一节 | 股东 | | 12 | | 第二节 | | 股东会的一般规定 | 15 | | 第三节 | | 股东会的召集 | 17 | | 第四节 | | 股东会的提案与通知 | 18 | | 第五节 | | 股东会的召开 | 20 | | 第六节 | | 股东会的表决和决议 | 24 | | 第六章 | | 类别股东表决的特别程序 | 29 | | 第七章 | 董事会 | | 31 | | 第一节 | 董 事 | | 31 | | 第二节 | 董事会 | | 33 | | 第八章 | | 经理及其他高级管理人员 | 38 | | 第九章 | 监事会 | | 40 ...

Summary of Huaxin Cement Conference Call Company Overview - **Company**: Huaxin Cement - **Industry**: Cement and Aggregate Production Key Points Financial Performance - Huaxin Cement's Q3 2025 performance exceeded expectations, driven by the consolidation of Nigerian assets, normalization of tax rates, and cash dividends [2][3] - Revenue approached 9 billion yuan, a significant year-on-year increase; net profit attributable to shareholders was approximately 900 million yuan, up 120% [3] - Gross profit per ton improved significantly to nearly 63 yuan from 27 yuan in the same period last year, attributed to cost reductions and price increases [4][10] Capacity Expansion and Strategic Goals - The company aims to increase total capacity from 35 million tons to 50 million tons by 2027-2028, with a mid-term target of 75 million tons [6] - Short-term capacity increases will come from technological upgrades, while acquisitions will contribute to longer-term growth [6] - The Nigerian project is expected to enhance cement capacity from 10.6 million tons to approximately 14 million tons, with completion anticipated within a year [3][12] Market Dynamics - Domestic aggregate business showed good sales growth, but price pressures were noted; however, prices are expected to recover gradually [7][8] - The domestic cement business outperformed the industry average, benefiting from effective management strategies and operational efficiency [9] Technological and Management Advantages - Huaxin Cement possesses significant advantages in technological upgrades and management, including investment strategies and cross-cultural management capabilities [5] - The company’s technical research institute supports overseas factory upgrades, enhancing supply chain efficiency and reducing operational costs [5] International Operations - The overseas business showed significant improvement, particularly in Nepal and Central Asia, with a notable recovery in Uzbekistan [18][19] - The Nigerian market is expected to maintain stable demand growth, with optimistic projections for Q4 and the first half of the following year [12] Future Outlook - The overall cement market is expected to gradually recover, with industry profits projected to increase from 10 billion to 30-40 billion yuan over time [11] - Despite competitive pressures, Huaxin Cement plans to maintain a rational competitive stance to protect its interests [14] Challenges and Risks - The domestic aggregate business faced a decline due to falling cement prices, but overall performance remained above industry averages [20] - The company is cautious about potential competition in overseas markets, emphasizing the need for careful planning and execution for new capacities and acquisitions [20] Shareholder Insights - Major shareholder Haori has shifted investment focus towards low-carbon capacities, which may influence Huaxin Cement's strategic direction [17] This summary encapsulates the key insights from Huaxin Cement's conference call, highlighting its financial performance, strategic goals, market dynamics, and future outlook.

Core Viewpoint - The company reported a strong performance in Q3 2025, with significant growth in net profit despite overall domestic demand pressures in the cement industry [1][3]. Financial Performance - The company achieved a revenue of 250.3 billion, a year-on-year increase of 1.27%, and a net profit attributable to shareholders of 20.04 billion, up 76% [1]. - In Q3 2025, the single-quarter revenue was 89.9 billion, reflecting a year-on-year growth of 5.9%, and a net profit of 9 billion, which is a 121% increase year-on-year and a 3.5% increase quarter-on-quarter [1]. Dividend Distribution - The company plans to distribute a cash dividend of 0.34 yuan per share (including tax) to all shareholders for the first three quarters [2]. Industry Context - Domestic demand remains under pressure, with infrastructure investment growing by only 1.1% and real estate development investment declining by 13.9% in the first three quarters of 2025 [3]. - National cement production in the first three quarters of 2025 was 1.259 billion tons, down 5.2% year-on-year, with September's production at 154 million tons, a decrease of 8.6% year-on-year [3]. Competitive Advantage - The company has established a strong presence in overseas markets, which is a key factor supporting its performance. The overseas expansion is currently in a harvest phase, contributing positively to earnings [3]. - Notable projects include the Nigerian project that began contributing to earnings in September, and several African projects that have recently come online, enhancing production capacity [3]. Future Outlook - The company is expected to continue exceeding performance expectations in Q4 2025, driven by the full-quarter contribution from the Nigerian project and the commissioning of a new clinker production line in Malawi [4]. - The domestic market is showing signs of improvement, particularly in the Yunnan-Guizhou region, where cement prices are expected to rise [4]. - The company is viewed positively for its growth potential, with overseas operations and domestic market improvements providing significant opportunities [4]. Earnings Forecast - Projected earnings for 2025-2026 are 31 billion and 42 billion, respectively, with corresponding price-to-earnings ratios of 14 and 10 times, indicating a favorable investment outlook [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company reported a revenue of 25Q3 at 89.9 billion, a year-on-year increase of 5.9%, and a net profit of 9 billion, reflecting a year-on-year growth of 121% [2][4]. - The overall revenue for the first three quarters reached 250.3 billion, with a year-on-year growth of 1.27%, and a net profit of 20.04 billion, up 76% year-on-year [2][4]. - The company plans to distribute a cash dividend of 0.34 yuan per share (tax included) for the first three quarters [4]. Financial Performance Summary - The projected earnings for 2025 and 2026 are 31 billion and 42 billion respectively, corresponding to price-to-earnings ratios of 14 and 10 [4]. - The current stock price is 20.66 yuan, with a total share capital of 207.9 million shares and a net asset value per share of 15.19 yuan [5]. Market and Operational Insights - The company has strategically expanded its overseas operations, which are now a core contributor to its performance, particularly with projects in Nigeria and other African nations [4][7]. - The company is expected to continue outperforming in Q4 2025, driven by the full quarter contribution from the Nigerian project and the commencement of operations in Malawi [7].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][28]. Core Views - The company achieved a revenue of 25.033 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 1.27%. The net profit attributable to shareholders was 2.004 billion yuan, up 76.0% year-on-year, with a non-recurring net profit of 1.936 billion yuan, increasing by 82.0% year-on-year. The earnings per share (EPS) was 0.97 yuan, and a cash dividend of 3.4 yuan (before tax) was proposed [2][9]. - The company’s gross margin improved to 29.5%, an increase of 5.47 percentage points year-on-year, with a significant contribution from overseas operations that effectively offset domestic profit declines [3][12]. - The company is accelerating its internationalization strategy, with non-cement business revenue accounting for 43% and EBITDA contributing 44% to overall profits. The acquisition in Nigeria has been completed, and overseas cement grinding capacity has surpassed 35 million tons per year [4][25]. Financial Performance Summary - For the first three quarters of 2025, the company reported a net operating cash flow of 3.227 billion yuan, a decrease of 4.6% year-on-year. The asset-liability ratio stood at 53.22%, slightly up by 2.26 percentage points from June [3][12]. - The company’s revenue and profit growth are primarily driven by overseas business expansion and contributions from the Nigerian acquisition, while domestic cement prices remain under pressure [2][4]. - The forecast for EPS from 2025 to 2027 is 1.43, 1.77, and 1.92 yuan per share, with corresponding price-to-earnings ratios (PE) of 15.6, 12.6, and 11.6 [4][5].