证券代码：600801 证券简称：华新水泥 公告编号：2025-031 华新水泥股份有限公司 2023-2025年核心员工持股计划之第三期（2025年）核心员 工持股计划完成股票购买的公告 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"）2023 年 7 月 20 日召开的 2023 年第三次临时股东大会审议通过了《关于公司 2023-2025 年核心员工持股计划 （草案）的议案》及其摘要等相关议案，具体内容详见公司于 2023 年 7 月 21 日披露的相关公告。 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。 本期计划的资金来源为公司计提的激励对象 2025 年度长期激励薪酬 3,920.68 万元。截至本公告披露日，本期计划已完成二级市场购买股票事宜 ...

华新水泥（600801）(06655)发布公告，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的第三期(2025年)核心员工持股计划的议案》(以下简 称"本期计划")。 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的第三期(2025年) 核心员工持股计划的实施进展情况公告如下： 本期计划的资金来源为公司计提的激励对象2025年度长期激励薪酬3920.68万元。截至本公告披露日， 本期计划已完成二级市场购买股票事宜，本期计划专用证券账户总计持有公司A股股票299.3万股，占公 司总股本的0.1440%，成交均价13.1元/股(不含交易费用)。 本期计划专用证券账户持有的股票按照本期计划的相关规定，锁定期为自本公告披露之日起12个月。锁 定期间，因公司发生送股、资本公积金转增股本、配股、可转换债换股等情形所衍生取得的股份，亦应 遵守上述股份锁定安排。本期计划所获标的股票分三期解锁，解锁时点分别为自公司公告最后一笔标 ...

本期计划的资金来源为公司计提的激励对象2025年度长期激励薪酬3920.68万元。截至本公告披露日， 本期计划已完成二级市场购买股票事宜，本期计划专用证券账户总计持有公司A股股票299.3万股，占公 司总股本的0.1440%，成交均价13.1元/股(不含交易费用)。 本期计划专用证券账户持有的股票按照本期计划的相关规定，锁定期为自本公告披露之日起12个月。锁 定期间，因公司发生送股、资本公积金转增股本、配股、可转换债换股等情形所衍生取得的股份，亦应 遵守上述股份锁定安排。本期计划所获标的股票分三期解锁，解锁时点分别为自公司公告最后一笔标的 股票过户至本期持股计划账户名下之日起满12个月、24个月、36个月，每期解锁比例分别为可归属股份 的30%、30%、40%。本期计划所取得标的股票，因公司分配股票股利、资本公积转增等情形所衍生取 得的股份，亦应遵守上述股份解锁安排。 智通财经APP讯，华新水泥(06655)发布公告，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的第三期(2025年)核心员工持股计划的议案》 (以下简称"本期计划")。 根 ...

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） 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。 華新水泥股份有限公司 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 條規定而作出。茲 載列華新水泥股份有限公司（「本公司」）於中華人民共和國若干報章及上海證券交易 所網站(http://www.sse.com.cn)刊登的《2023-2025 年核心員工持股計劃之第三期 （2025 年）核心員工持股計劃完成股票購買的公告》，僅供參閱。 承董事會命 華新水泥股份有限公司 徐永模 主 席 中國湖北省武漢市 2025 年 9 月 23 日 於本公告日期，本公司董事會成員包括執行董事李葉青先生（總裁）及劉鳳山先生 （副總裁）；非執行董事徐永模先生（主席）、Martin Kriegner 先生、Olivier Milhaud 先生及陳婷慧女士；獨立非執行董事黃灌 ...

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 中期報告 * 僅供識別 INTERIM REPORT * For identification purposes only 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 2025 在本報告書中，除非文義另有所指，下列詞語具有如下含義： | A股 | 指 | 本公司股本中每股面值人民幣1.00元的在上交所上市的普通股，以 | | --- | --- | --- | | | | 人民幣認購及交易 | | 審計委員會 | 指 | 本公司審計委員會 | | 董事會 | 指 | 本公司董事會 | | 中國 | 指 | 中華人民共和國 | | 董事 | 指 | 本公司董事 ...

Core Viewpoint - Huanxin Cement's stock price has shown significant growth this year, with a year-to-date increase of 53.44%, despite a recent slight decline in trading [1][2]. Company Overview - Huanxin Cement Co., Ltd. is located in Wuhan, Hubei Province, and was established on November 30, 1993, with its stock listed on January 3, 1994. The company primarily engages in cement manufacturing and sales, cement technology services, and related construction materials [2]. - The revenue composition of Huanxin Cement includes: cement sales (54.56%), concrete sales (21.54%), aggregate sales (17.22%), other products (4.21%), and clinker sales (2.47%) [2]. Financial Performance - For the first half of 2025, Huanxin Cement reported operating revenue of 16.047 billion yuan, a year-on-year decrease of 1.17%, while net profit attributable to shareholders increased by 51.05% to 1.103 billion yuan [2]. - The company has distributed a total of 13.594 billion yuan in dividends since its A-share listing, with 3.127 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Huanxin Cement was 45,700, reflecting a 6.56% increase from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 56.9032 million shares, a decrease of 6.6314 million shares from the previous period [3].

Group 1 - Cement stocks have rebounded after a continuous decline, with Dongwu Cement rising over 8%, Western Cement up over 5%, China National Building Material increasing over 3%, and Asia Cement up over 2% [1] - According to a report from China Galaxy Securities, cement demand remains weak in August due to seasonal factors, high temperatures, and rainy weather affecting downstream construction, leading to a decrease in operating load of cement mills [1] - The average price of cement in August was 271.67 yuan per ton, showing a month-on-month decline [1] Group 2 - The clinker inventory has shifted from an increase to a decrease, but the issue of oversupply in the industry still exists [1] - Looking ahead, demand is expected to seasonally improve from September to November, combined with accelerated capacity reduction in the industry, which may help ease supply and demand pressures and support cement prices [1]

Group 1 - The stock price of Huaxin Cement fell by 2.02% on September 17, trading at 17.48 yuan per share with a total market capitalization of 36.341 billion yuan [1] - Year-to-date, Huaxin Cement's stock price has increased by 50.17%, with a 6.65% rise in the last five trading days and a 12.27% increase over the last 20 days [1] - The company has appeared on the trading leaderboard three times this year, with the most recent instance on July 25, where it recorded a net buy of -168 million yuan [1] Group 2 - Huaxin Cement, established on November 30, 1993, and listed on January 3, 1994, is primarily engaged in cement manufacturing and sales, with cement sales accounting for 54.56% of its revenue [2] - As of June 30, 2025, Huaxin Cement reported a revenue of 16.047 billion yuan, a year-on-year decrease of 1.17%, while its net profit attributable to shareholders increased by 51.05% to 1.103 billion yuan [2] - The company has distributed a total of 13.594 billion yuan in dividends since its A-share listing, with 3.127 billion yuan distributed in the last three years [3] Group 3 - As of June 30, 2025, Huaxin Cement had 45,700 shareholders, an increase of 6.56% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 56.9032 million shares, a decrease of 6.6314 million shares from the previous period [3] - The Southern CSI 500 ETF is a new entrant among the top ten shareholders, holding 9.995 million shares [3]

Investment Rating - The report gives a "Buy" rating for the company, Huaxin Cement, with a target price of 21.41 CNY per share based on a 16x PE ratio for 2025 [5][19]. Core Views - The company's dual strategy of "internationalization" and "cement integration" is expected to drive cyclical growth and open up long-term growth potential. Revenue is projected to reach 35.5 billion CNY in 2025, with net profit expected to be 2.8 billion CNY [1][19]. Summary by Sections Company Overview - Huaxin Cement is a century-old cement manufacturer and a leader in overseas expansion, ranking sixth in domestic clinker capacity and third in overseas clinker capacity as of 2024. The company has a strong presence in Africa and aims for a mid-term overseas capacity target of 50 million tons [2][26]. Overseas Business - The company leads in the number of overseas layout points in China, with significant growth potential in Africa due to low urbanization rates and per capita cement consumption. The overseas revenue grew by 20% year-on-year in the first half of 2025, with a gross margin of 37.3% [2][12]. Domestic Business - As a leader in the central China cement market, Huaxin Cement benefits from strong demand in regions like Hubei and Tibet. The company is expected to benefit from supply-side reforms that will eliminate outdated capacity, with a significant increase in aggregate production and profitability [3][12]. Financial Projections - The company is projected to achieve revenues of 35.5 billion CNY, 38 billion CNY, and 40.4 billion CNY from 2025 to 2027, with net profits of 2.8 billion CNY, 3.2 billion CNY, and 3.6 billion CNY respectively. The gross margin is expected to improve from 27% to 28% over the same period [1][15]. Key Assumptions - The report outlines key assumptions for revenue growth in cement, concrete, and aggregate businesses, with expected declines in cement sales gradually narrowing from 5% in 2025 to 3% in 2027. The overseas cement sales are expected to grow at rates of 25%, 20%, and 15% from 2025 to 2027 [12][13][14]. Competitive Landscape - The report highlights the fragmented competitive landscape in the African cement market, where Huaxin Cement's shareholder, Holcim Group, holds a significant market share. The company is well-positioned to expand its market share in Africa through strategic acquisitions [2][19].

Core Conclusion - The company is driven by a dual strategy of "internationalization" and "cement integration," establishing both cyclical and growth attributes, thereby unlocking long-term growth potential. It is projected that the company will achieve operating revenues of 35.5 billion, 38 billion, and 40.4 billion yuan, and net profits attributable to shareholders of 2.8 billion, 3.2 billion, and 3.6 billion yuan from 2025 to 2027. Based on a comparable company's 2025 consensus PE average of 16.2 times, the company is assigned a 2025 PE of 16 times, corresponding to a target price of 21.41 yuan per share, with an initial "buy" rating [1]. Domestic Business - The company is a leading cement manufacturer in Central China, with significant regional advantages. The demand side is supported by high growth rates in cement production in Hubei and Tibet, while the supply side benefits from the elimination of outdated capacity, allowing the company to produce strictly according to approved capacity, minimizing the impact of overproduction policies [3]. - The company holds the top position in aggregate production capacity nationwide and has a first-mover advantage. In the first half of 2025, aggregate sales increased by 6.3% year-on-year, outperforming industry levels. The cost per ton continues to decline, leading to superior profitability compared to major listed peers, with the aggregate gross profit margin reaching 36.6%, higher than its revenue share of 17.22% [3]. International Business - The company is a century-old cement manufacturer and a leader in overseas cement operations, ranking sixth in domestic clinker capacity and third in overseas clinker capacity as of 2024. The company has the largest number of overseas layout points in the country, with its African presence expanding from point to area. The mid-term overseas capacity target is set at 50 million tons, making this an opportune time for overseas expansion [2]. - From a demand perspective, the company's overseas investments are primarily in countries with rapid economic growth, low urbanization rates, and low per capita cement consumption, indicating significant growth potential. If urbanization accelerates, the company is expected to benefit from its first-mover advantage [2]. - In terms of competition, the overall competitive landscape for cement in Africa is relatively fragmented. The controlling shareholder, Haorui Group, holds the second-largest market share in Africa. The company is expected to further expand its market share in Africa, leveraging its shareholder's advantages [2]. - The company's overseas revenue has shown significant growth, with a year-on-year increase of 20% in the first half of 2025, and the profitability level is much higher than that of domestic operations, with an overseas gross profit margin of 37.3%. The acquisition of assets in Nigeria is anticipated to provide strong support for overseas performance [2].