Core Points - The launch of Huanxin's first self-owned international cargo ship marks a significant step in the company's international logistics business and its accelerated globalization efforts [1][5] - Huanxin aims to enhance its international trade logistics system by building a comprehensive digital platform covering shipping, warehousing, and distribution, which will improve logistics efficiency and reduce international trade costs [1] - The company has a substantial aggregate production capacity of 285 million tons per year and operates six aggregate projects overseas, indicating potential for breakthroughs in aggregate transportation [1] Summary by Sections - **Vessel Details** - The vessel, named "NOVA FORTUNA," is a bulk carrier with a gross tonnage of 2,646 tons and a deadweight tonnage of 3,800 tons, capable of carrying 3,500 tons [2][4] - The first shipment includes production equipment and materials for upgrading the Mozambique factory, totaling approximately 2,352 cubic meters [2] - **Strategic Intent** - The ship will primarily facilitate the transportation of cement from Huanxin's Mozambique factory to various East African islands, including Madagascar, Comoros, Mauritius, and Réunion [4] - Huanxin plans to diversify its logistics services by acquiring more vessels, trains, and trucks to expand its market presence in Africa [4] - **Business Expansion** - Huanxin has established operations in 18 countries globally, with over 40 building material factories in 13 countries, achieving positive economic and social benefits [4]

Core Insights - The article highlights the top and bottom AH share premium rates, indicating significant disparities among various companies in the market [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 1020.33%, followed by Andeli Juice (02218) at 341.81% and Chenming Paper (01812) at 263.08% [1][2] - The top three companies with the highest deviation values are Andeli Juice (44.30%), Northeast Electric (39.74%), and Qingdao Bank (11.69%) [1][2] Group 2: Bottom AH Share Premium Rates - The companies with the lowest AH share premium rates include Ningde Times (03750) at -1.48%, China Merchants Bank (03968) at 6.19%, and BYD Company (01211) at 6.45% [1][2] - The bottom three companies with the lowest deviation values are Zhejiang Shibao (-77.86%), China Shipbuilding Defense (-38.64%), and Junshi Biosciences (-32.19%) [1][3] Group 3: Additional Insights on Premium and Deviation - The top ten AH stocks by premium rate also include Sinopec Oilfield Service (01033) at 261.90% and Fudan Zhangjiang (01349) at 239.41% [2] - The bottom ten AH stocks by premium rate feature WuXi AppTec (02359) at 9.53% and Chifeng Gold (06693) at 12.81% [2][3]

证券代码：600801 证券简称：华新水泥 公告编号：2025-015 华新水泥股份有限公司 公司于 2025 年 5 月 27 日召开第十一届董事会第十二次会议，审议通过了 《关 于公司 2023-2025 年核心员工持股计划之第三期（2025 年）核心员工持股计划 的议案》（以下简称"本期计划"），具体内容详见公司于 2025 年 5 月 28 日披 露的相关公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及上海 证券交易所《上市公司自律监管指引第 1 号——规范运作》的相关要求，现将公 司 2023-2025 年核心员工持股计划之第三期（2025 年）核心员工持股计划的实 施进展情况公告如下： 截至本公告日，本期计划尚未开始在二级市场购买标的股票。 公司将持续关注本期计划的实施进展情况，并按照相关法律法规的规定及时 履行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 第三期（2025 年）核心员工持股计划实施进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 华新水泥股份有限公司（ ...

Core Viewpoint - Huanxin Cement continues to implement employee stock ownership plans to attract and retain talent while achieving positive business performance despite industry challenges [1][5] Group 1: Employee Stock Ownership Plans - The third phase of Huanxin Cement's employee stock ownership plan for 2023-2025 was announced, with a total of 750 core employees participating [3] - The first two phases of the plan involved the purchase of 620.78 million shares, with a total transaction amount of approximately 58.17 million yuan [2][3] - The current plan aims to deepen the long-term incentive mechanism for core employees, enhancing the company's core competitiveness and ensuring the achievement of strategic goals [3] Group 2: Financial Performance and Dividends - Huanxin Cement announced a cash dividend of 9.56 billion yuan for the 2024 fiscal year, marking the 28th dividend distribution since its listing in 1994 [1][6] - The company reported a revenue of 342.17 billion yuan for 2024, a year-on-year increase of 1.36%, while net profit decreased by 12.52% to 24.16 billion yuan [5][6] - The dividend payout ratio is 40% of the net profit attributable to shareholders, placing Huanxin Cement among the top 4% of listed companies in terms of dividend distribution [6] Group 3: Industry Position and Growth Strategy - Despite overall pressure in the cement industry, Huanxin Cement has achieved growth through a strategy focused on overseas expansion, integrated operations, and innovation [1][5] - The company has diversified its operations beyond cement, with significant contributions from aggregate and concrete sales, as well as environmental services [5] - Huanxin Cement's overseas revenue reached 79.84 billion yuan in 2024, a 47% increase year-on-year, with overseas cement sales growing by 37% [5]

Group 1 - The board of directors of Huaxin Cement held its 12th meeting on May 27, 2025, with all 9 directors present, and the meeting was deemed legal and effective [1] - The board approved a resolution regarding the 2023-2025 core employee stock ownership plan, with 7 votes in favor and none against [2][3] - The independent directors' remuneration was proposed to be increased from RMB 360,000 to RMB 480,000 per year, reflecting the responsibilities and contributions of independent directors [2][3] Group 2 - The adjustment of independent directors' remuneration is aligned with the company's operational needs and aims to enhance governance and protect investor rights [3] - The proposal for the independent directors' remuneration increase will be submitted to the shareholders' meeting for approval, and the new remuneration standard will take effect from the month of approval [3] - The 2024 performance assessment for the employee stock ownership plan indicated a completion rate of 87.08% for the budget and a matching rate of 113.26% for OCF [4]

证券代码：600801 证券简称：华新水泥 公告编号：2025-013 华新水泥股份有限公司 2024年年度股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 5 月 27 日 (二)股东会召开的地点：湖北省武汉市东湖新技术开发区高新大道 426 号华新大 厦 B 座 2 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 475 | | --- | --- | | 其中：A 股股东人数 | 474 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,449,998,926 | | 其中：A 股股东持有股份总数 | 907,140,804 | | 境外上市外资股股东持有股份总数（H 股） | 542,858,122 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | ...

证券代码：600801 证券简称：华新水泥 公告编号：2025-014 华新水泥股份有限公司 第十一届董事会第十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 华新水泥股份有限公司（以下简称"公司"）第十一届董事会第十二次会议于2025年5 月27日以现场结合通讯方式召开。会议应到董事9人，实到9人。本次会议由董事长徐永模先 生主持，董事会秘书出席了本次会议。监事会主席及部分高管列席了本次会议。公司于2025 年5月16日以通讯方式向全体董事发出了会议通知。会议符合有关法律、行政法规、部门规 章、规范性文件和公司章程的规定，合法有效。 二、董事会会议审议情况 本次董事会会议经审议并投票表决，通过如下重要决议： 1、关于公司 2023-2025 年核心员工持股计划之第二期（2024 年）核心员工持股计划授 予结果的议案（表决结果：同意 7 票，反对 0 票，弃权 0 票） 本议案已经董事会薪酬与考核委员会审议通过，并同意提交董事会审议。 董事李叶青先生、刘凤山先生为本公司 2023 ...

Core Viewpoint - The company reported a revenue of 7.16 billion yuan for Q1 2025, showing a year-on-year increase of 1.1%, while the net profit attributable to shareholders reached 230 million yuan, up 31.8% year-on-year, indicating a recovery in profitability driven by rising cement prices and declining coal costs [1] Group 1: Financial Performance - The company achieved a net profit of 230 million yuan in Q1 2025, a year-on-year increase of 31.8% [1] - The non-recurring net profit attributable to shareholders was 240 million yuan, reflecting a year-on-year growth of 55.3% [1] - The comprehensive gross profit margin for Q1 2025 was 26.1%, an increase of 4.2 percentage points year-on-year [2] Group 2: Market Conditions - Domestic cement production in Q1 2025 was 330 million tons, a decrease of 1.4% year-on-year, indicating weak demand [1] - The average price of cement in Wuhan for Q1 2025 was 398 yuan per ton, an increase of 48 yuan per ton or 14% year-on-year [1] - The price of thermal coal decreased significantly, with the average price for Q1 2025 at 726 yuan per ton, down 180 yuan per ton or 20% year-on-year [1] Group 3: Overseas Expansion - The company’s overseas cement production capacity exceeded 25 million tons by 2024, with significant projects in Tajikistan, Cambodia, Tanzania, and South Africa [3] - Overseas revenue reached 7.98 billion yuan, a year-on-year increase of 47%, accounting for 24% of total revenue [3] - The company signed contracts for cement production capacity of 10.6 million tons per year in Nigeria and 8.8 million tons per year in Brazil, enhancing its global business footprint [3] Group 4: Cost and Expenses - The financial expense ratio for Q1 2025 was 4.7%, an increase of 1.7 percentage points year-on-year, attributed to exchange rate fluctuations [2] - The company reported a net profit margin of 4.8% for Q1 2025, an increase of 0.7 percentage points year-on-year [2]

Core Insights - The company reported Q1 2025 revenue of 7.162 billion yuan, a year-on-year increase of 1.10%, and a net profit attributable to shareholders of 234 million yuan, up 31.80% year-on-year [1] - The increase in domestic cement prices and a decrease in coal costs contributed to gross profit, despite slow recovery in domestic demand impacting sales [2] - The company expects continued profit growth from overseas cement operations and stable unit profitability from aggregates, with net profit projections for 2025-2027 being 2.438 billion, 2.504 billion, and 2.642 billion yuan respectively [3] Financial Analysis - The average price of high-standard cement in Q1 was 398 yuan/ton, reflecting a year-on-year increase of 35 yuan/ton, indicating a significant price recovery [2] - The difference between net profit and net profit attributable to shareholders is influenced by shareholding ratios in overseas operations, with minority interests exceeding 110 million yuan in Q1 [2] - Financial expenses increased by 70% year-on-year, primarily due to exchange rate impacts, with sales, management, and financial expense ratios reported at 5.30%, 6.41%, and 4.32% respectively [2] Profit Forecast and Valuation - The company maintains a "buy" rating, with expected net profit growth rates of 1%, 3%, and 6% for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 11, 11, and 10 [3] - The company is expected to manage exchange rate risks effectively as it expands overseas operations, learning from experiences to mitigate profit volatility [3]

一、董事会会议召开情况 证券代码：600801 证券简称：华新水泥 公告编号：2025-011 华新水泥股份有限公司 第十一届董事会第十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 华新水泥股份有限公司（以下简称"公司"）第十一届董事会第十一次会议于2025年4 月29日以现场结合通讯方式召开。会议应到董事9人，实到9人。本次会议由董事长徐永模先 生主持，董事会秘书出席了本次会议。监事会主席及部分高管列席了本次会议。公司于2025 年4月18日以通讯方式向全体董事发出了会议通知。会议符合有关法律、行政法规、部门规 章、规范性文件和公司章程的规定，合法有效。 二、董事会会议审议情况 本次董事会会议经审议并投票表决，通过如下重要决议： 1、公司2025年第一季度报告（表决结果：同意9票，反对0票，弃权0票） 本报告已经董事会审计委员会审议通过，并同意提交董事会审议。 2、关于召开公司 2024 年年度股东会的议案（表决结果：同意 9 票，反对 0 票，弃权 0 票）。 详情请参见同日披露的公司 2025- ...