Group 1 - The core viewpoint of the article is that Huaxin Cement (06655.HK) plans to integrate all its overseas assets engaged in production and operations into a new subsidiary, which will be established by Huaxin Cement or its affiliates, and intends to apply for a separate listing of this new subsidiary on an overseas stock exchange [1] - The spin-off listing will not affect Huaxin Cement's control over the relevant overseas assets, as the new subsidiary will still be included in Huaxin Cement's consolidated financial statements [1]

Group 1 - The core idea of the announcement is that Huaxin Cement plans to integrate all its overseas assets into a new subsidiary and apply for a separate listing on an overseas stock exchange to enhance its operational capabilities and financing channels [1] - The spin-off listing is expected to improve the competitiveness and flexibility of the new subsidiary in overseas capital markets, facilitating financing and merger transactions [1] - This strategic move is significant for enhancing Huaxin Cement's influence in the global cement production and sales industry, aligning with its long-term goal of becoming a leading multinational building materials enterprise [1] Group 2 - The announcement emphasizes that the spin-off will contribute to the overall sustainable and stable development of the company [1]

本公告僅供參考，並不構成收購、購買或認購任何證券之招股章程、邀請或要約或屬於其中一部 份，其或其任何部份概不構成任何合約或承諾之基礎或依據。具體而言，本公告並不構成亦非在 香港或其他地方出售證券之要約或要約購買證券之招攬。 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 等内容而引致的任何损失承担任何责任。 華新水泥股份有限公司 HUAXIN CEMENT CO., LTD.* （於中華人民共和國注册成立的股份有限公司） 1 合併報表範圍內的控股子公司。 3.考慮到本次分拆上市所涉境外資產整合將涉及較多內外部溝通工作且預計難以保 密，雖尚處於初步籌劃階段，公司董事會同意披露本次分拆上市的事項。在本次分拆 上市方案制定完成後，相關方案及與本次分拆上市有關的其他事項將分別提交至公司 董事會、股東會審議。 4.本次分拆上市尚處於前期籌劃階段。項目實施過程中會存在各種不確定因素，可能 會影響本次分拆上市的籌劃和決策事宜。本次分拆上市事項尚存在不確定性，敬請廣 大投資者注意相關風險。 （股份代號： ...

证券代码：600801 证券简称：华新水泥 公告编号：2025-029 华新水泥股份有限公司 关于筹划境外子公司分拆上市的提示性公告 本公司董事会及全体董事保证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。 重要内容及风险提示： 1. 为进一步拓宽融资渠道、开放整合资源，提高华新水泥股份有限公司（以 下简称"公司"或"华新水泥"）的经营能力，华新水泥拟将下属全部实际开展 生产经营的境外资产整合至拟由华新水泥或其附属公司设立的境外子公司（以下 简称"拟分拆子公司"）旗下，并拟申请将拟分拆子公司分拆至境外证券交易所 上市（以下简称"本次分拆上市"）。 2. 本次分拆上市不会影响华新水泥对相关境外资产的控制权，拟分拆子公 司仍为华新水泥合并报表范围内的控股子公司。 3. 考虑到本次分拆上市所涉境外资产整合将涉及较多内外部沟通工作，虽 尚处于初步筹划阶段但预计难以保密，公司董事会同意披露关于筹划本次分拆上 市的事项。在本次分拆上市方案制定完成后，相关方案及与本次分拆上市有关的 其他事项将分别提交至公司董事会、股东会审议。 4. 本次分拆上市尚处于前期筹划阶 ...

Investment Rating - The report maintains a "Recommended" investment rating for Huaxin Cement (600801.SH) [1][3] Core Views - The company reported a revenue of 16.05 billion yuan for the first half of 2025, a year-on-year decline of 1.2%, while the net profit attributable to shareholders was 1.1 billion yuan, an increase of 51.05% [3] - The second quarter of 2025 saw a revenue of 8.88 billion yuan, down 2.9% year-on-year, with a net profit of 870 million yuan, up 57.2% [3] - The company benefits from domestic cement price increases and cost reductions, with a significant improvement in gross margin from 23.65% to 28.92% year-on-year [6][7] - The overseas cement business is growing rapidly, with a 10.41% increase in overseas cement and clinker sales, totaling 8.39 million tons [6][7] - The successful acquisition of the Nigeria project for 770 million USD is expected to contribute significantly to future earnings [7] Financial Summary - Revenue projections for 2025-2027 are 35.3 billion yuan, 37.3 billion yuan, and 39.2 billion yuan respectively, with expected net profits of 2.73 billion yuan, 3.04 billion yuan, and 3.27 billion yuan [5][9] - The gross margin is expected to improve to 27.0% in 2025, with a net margin of 7.7% [9] - The company’s total assets are projected to be 68.9 billion yuan in 2025, with total liabilities of 31.5 billion yuan [8][9] Business Performance - The domestic cement business generated 5.02 billion yuan in revenue, a decline of 1.26%, while the overseas cement business achieved 4.13 billion yuan, an increase of 15.37% [6][7] - The company has established production bases in 12 overseas countries, with a total overseas cement production capacity of 24.7 million tons per year [7] - The company’s EBITDA is projected to reach 12.89 billion yuan in 2025, indicating strong operational performance [10]

Core Viewpoint - Huaxin Cement plans to integrate all its overseas assets engaged in production and operation into a newly established overseas subsidiary, aiming to enhance its operational capabilities and broaden financing channels [1] Group 1: Business Strategy - The main business of the overseas assets to be integrated includes cement manufacturing and sales, cement technology services, production and sales of ready-mixed concrete and aggregates, and environmental services related to waste disposal in cement kilns [1] Group 2: Financial Implications - The company intends to apply for the overseas subsidiary to be listed on foreign stock exchanges, which may provide additional capital and improve financial flexibility [1]

Core Viewpoint - Huaxin Cement (600801.SH) plans to integrate all its overseas assets into a subsidiary to be established, aiming for a separate listing on an overseas stock exchange, which will enhance its operational capabilities and financing channels [1] Group 1: Strategic Objectives - The spin-off listing is intended to broaden financing channels and integrate resources, thereby improving Huaxin Cement's operational capabilities [1] - This move is expected to enhance the competitiveness and flexibility of the proposed subsidiary in overseas capital markets for financing and mergers and acquisitions [1] - The initiative aligns with Huaxin Cement's long-term strategic goal of becoming a leading multinational building materials enterprise [1] Group 2: Impact on Company Structure - The spin-off will not affect Huaxin Cement's control over the relevant overseas assets, as the proposed subsidiary will remain a controlled subsidiary within Huaxin Cement's consolidated financial statements [1] - The overall stability and sustainable development of the company are anticipated to improve as a result of this spin-off [1]

Core Viewpoint - Huaxin Cement (600801.SH) plans to integrate all its overseas assets into a subsidiary to be established, aiming for a separate listing on an overseas stock exchange, which will enhance its operational capabilities and broaden financing channels [1] Group 1: Strategic Objectives - The spin-off listing is intended to enhance Huaxin Cement's competitiveness and flexibility in financing and mergers and acquisitions in the overseas capital market [1] - This move is significant for increasing Huaxin Cement's influence in the global cement production and sales industry, aligning with its long-term strategic goal of becoming a leading multinational building materials enterprise [1] Group 2: Operational Impact - The spin-off will not affect Huaxin Cement's control over the relevant overseas assets, as the proposed subsidiary will remain a controlled subsidiary within Huaxin Cement's consolidated financial statements [1] - The overall sustainable and stable development of the company will be supported by this spin-off listing [1]

Core Viewpoint - The company plans to integrate all its overseas assets engaged in production and operations into a newly established overseas subsidiary, which will be listed on an overseas stock exchange. This move aims to enhance financing channels, resource integration, operational capabilities, and global influence in the cement industry while aligning with the long-term strategic goal of becoming a leading multinational building materials enterprise [1]. Group 1 - The company intends to establish an overseas subsidiary for its operational assets [1] - The planned spin-off will not affect the company's control over the overseas assets, as the subsidiary will remain a consolidated subsidiary [1] - The initiative is part of the company's strategy to broaden financing options and improve operational efficiency [1]

Core Insights - The company reported a revenue of 16.046 billion yuan for the first half of the year, representing a year-on-year decline of 1.17% [1] - The net profit attributable to shareholders reached 1.103 billion yuan, showing a significant year-on-year increase of 51.05% [1] - Cement and clinker sales volume totaled 27.7366 million tons, down 2.63% year-on-year, while overseas sales increased by 10.41% to 8.3884 million tons [1] - Aggregate sales rose to 76.0526 million tons, reflecting a year-on-year growth of 6.33% [1] - Concrete sales decreased to 13.248 million cubic meters, down 9.88% year-on-year [1]