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- ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 7,161,642,321, representing a 1.10% increase compared to CNY 7,083,601,678 in the same period last year[5] - Net profit attributable to shareholders increased by 31.80% to CNY 233,909,321 from CNY 177,469,351 year-on-year[5] - The net profit after deducting non-recurring gains and losses rose by 55.34% to CNY 235,658,045 compared to CNY 151,703,644 in the previous year[5] - Basic earnings per share increased by 25.32% to CNY 0.11 from CNY 0.09 year-on-year[5] - Net profit for Q1 2025 was ¥344,906,499, representing a 18.1% increase from ¥291,984,821 in Q1 2024[17] - The gross profit margin improved to approximately 26.5% in Q1 2025, compared to 24.5% in Q1 2024[17] - The company reported a basic earnings per share of ¥0.11 for Q1 2025, up from ¥0.09 in Q1 2024[19] Cash Flow and Investments - The net cash flow from operating activities was negative at CNY -106,157,590, a significant decrease of 199.22% from CNY 106,994,109 in the same period last year[5] - In Q1 2025, the net cash flow from operating activities was -106,157,590 RMB, compared to 106,994,109 RMB in Q1 2024, indicating a significant decline[21] - Total cash inflow from operating activities decreased to 6,144,847,905 RMB in Q1 2025 from 6,572,717,778 RMB in Q1 2024, a drop of approximately 6.5%[21] - The cash outflow from investing activities was 2,160,017,641 RMB in Q1 2025, up from 1,283,715,808 RMB in Q1 2024, representing an increase of about 68.2%[21] - The cash inflow from investment activities was significantly lower at 308,263,397 RMB in Q1 2025 compared to 1,014,759,132 RMB in Q1 2024, a decline of approximately 69.7%[21] - Cash outflow for purchasing fixed assets and other long-term assets was 641,517,062 RMB in Q1 2025, compared to 569,406,414 RMB in Q1 2024, an increase of about 12.6%[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 71,068,870,929, up 2.24% from CNY 69,512,689,187 at the end of the previous year[6] - Total liabilities rose to ¥36,152,798,036, an increase of 4.5% from ¥34,614,884,740 at the end of 2024[14] - The company's total assets increased to ¥71,068,870,929 as of March 31, 2025, up from ¥69,512,689,187 at the end of 2024[14] - Shareholders' equity attributable to shareholders increased by 0.63% to CNY 30,483,590,615 from CNY 30,291,427,176 at the end of the previous year[6] - The total equity attributable to shareholders increased to ¥30,483,590,615 from ¥30,291,427,176 at the end of 2024[14] Non-Recurring Items - Non-recurring gains and losses for the period totaled CNY -1,748,724, primarily due to various adjustments and government subsidies[7] - The company experienced a 31.80% increase in net profit attributable to shareholders due to higher profitability from subsidiaries with high shareholding ratios[8] - The significant decrease in operating cash flow was attributed to increased working capital investments, including receivables[8] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[18]

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]

Financial Performance - The company's operating revenue for 2024 reached CNY 34.22 billion, a 1.36% increase compared to CNY 33.76 billion in 2023[16]. - Net profit attributable to shareholders decreased by 12.52% to CNY 2.42 billion in 2024 from CNY 2.76 billion in 2023[16]. - The basic earnings per share (EPS) for 2024 was CNY 1.16, down 12.78% from CNY 1.33 in 2023[18]. - The net cash flow from operating activities for 2024 was CNY 5.98 billion, a decrease of 4.14% compared to CNY 6.24 billion in 2023[16]. - The total assets as of December 31, 2024, were CNY 69.51 billion, reflecting a 1.11% increase from CNY 68.75 billion in 2023[16]. - The company's operating profit for the current period is CNY 4,223,787,895, a decrease of 2.93% compared to the same period last year[94]. - The total profit decreased by CNY 4,111,907,292, down 4.95% year-on-year, while net profit attributable to shareholders decreased by 12.52% to CNY 2,416,280,487[94]. - The company reported a net profit of 1.93 billion RMB for 2024, with a proposed cash dividend of 0.46 RMB per share, totaling approximately 960 million RMB[54][56]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 0.46 per share (including tax) for the 2024 fiscal year[5]. - The company’s cash dividend distribution plan for 2023 was approved, distributing 0.53 RMB per share, totaling approximately 1.10 billion RMB[52]. - The total number of registered shareholders decreased from 52,723 to 51,386 between December 31, 2024, and February 28, 2025[152]. - The company’s major shareholders include Hong Kong Central Clearing Limited with 35.34% and HOLCHIN B.V. with 21.71% of shares[150]. - Holcim Limited holds a total of 869,235,668 shares, representing 41.81% of the company's equity[153]. - The largest shareholder, Holcim Limited, has a 33.57% stake in A shares and a 56.88% stake in H shares[153]. - The company’s share structure remained unchanged during the reporting period[149]. Operational Efficiency and Market Position - The company plans to enhance its operational efficiency in response to the ongoing challenges in the cement market, including stricter regulations on production capacity[27]. - The revenue from the cement business accounts for 55% of the company's total operating income, indicating its dominant position among all business segments[31]. - The company ranks fourth globally in clinker production capacity and sixth in domestic clinker production capacity, with overseas clinker production ranking third nationally as of the end of 2024[28]. - The company has established a comprehensive technical innovation system, holding 99 invention patents and 121 utility model patents as of the end of 2024[39]. - The company operates in 17 provinces and municipalities in China and has expanded its business to 16 countries overseas, demonstrating significant market expansion[30]. - The company achieved a brand value of 104.57 billion RMB, ranking 79th in "China's 500 Most Valuable Brands" and 162nd in "Asia's 500 Strongest Brands"[41]. Risk Management and Compliance - The company has detailed potential risks described in the report, particularly in the section discussing operational conditions[5]. - The company emphasizes the importance of investor awareness regarding investment risks related to forward-looking statements[5]. - The company is committed to enhancing risk control, compliance management, and integrity standards to strengthen its development safety net[122]. - The company faces risks from declining domestic cement demand, rising production costs, and international market uncertainties[120][121]. Strategic Initiatives and Future Outlook - The company plans to achieve a total revenue of 37.1 billion yuan in 2025, with sales targets of approximately 5.7 million tons of cement and clinker, 17 million tons of aggregates, and 3 million cubic meters of concrete[115]. - The company is committed to advancing its four strategic initiatives, including overseas multi-business development and digital AI-driven transformation[113]. - The company anticipates a narrowing decline in domestic demand for building materials in 2025, supported by government policies aimed at stabilizing the real estate market[109]. - The company is actively pursuing various risk hedging strategies to reduce regional economic and foreign exchange risk exposure[123]. Research and Development - Research and development expenses totaled RMB 240.9 million, accounting for 0.70% of operating revenue[64]. - The company successfully completed acquisitions to increase cement capacity in Nigeria to 10.6 million tons per year and aggregate capacity in Brazil to 8.8 million tons per year[76]. - The company has successfully developed and commercialized ultra-high-performance concrete products, particularly in four major engineering fields[39]. - Research and development investments increased by 18%, focusing on sustainable building materials[172]. Employee and Management Information - The total number of employees in the group as of December 31, 2024, is 20,174, including 1,207 from the parent company and 18,967 from major subsidiaries[185]. - The total remuneration for the management team amounted to 2,829.51 million yuan during the reporting period[164]. - The total pre-tax remuneration for directors, supervisors, and senior management during the reporting period amounted to 67.71 million yuan[180]. - The company has established a talent management mechanism to enhance its competitive edge in talent acquisition and retention[123]. Acquisitions and Investments - The company signed a share acquisition agreement to acquire 100% of Caricement B.V. for $56.044 million, with potential adjustments based on impairment clauses[137]. - The company completed the acquisition of 100% of ITATUBA PARTICIPAÇÕES LTDA and 40% of EMBU S.A. for an initial consideration of $176.9 million[141]. - The total amount of guarantees provided by the company to subsidiaries reached RMB 1.165 billion during the reporting period, with a total guarantee amount of RMB 11.263 billion, accounting for 32.28% of the company's net assets[144].

Financial Performance - In 2024, the company achieved a net profit of CNY 1,928,498,891, with a consolidated net profit attributable to shareholders of CNY 2,416,280,487[6]. - The company's operating revenue for 2024 was CNY 34,217,347,727, representing a year-on-year increase of 1.36% compared to CNY 33,757,087,272 in 2023[21]. - The net profit attributable to shareholders decreased by 12.52% from CNY 2,762,116,715 in 2023 to CNY 2,416,280,487 in 2024[21]. - The basic earnings per share for 2024 was CNY 1.16, down 12.78% from CNY 1.33 in 2023[22]. - The company's total assets as of the end of 2024 were CNY 69,512,689,187, a 1.11% increase from CNY 68,747,865,736 in 2023[21]. - The net cash flow from operating activities for 2024 was CNY 5,977,317,233, a decrease of 4.14% from CNY 6,235,555,071 in 2023[21]. - The company's net assets attributable to shareholders increased by 4.7% to CNY 30,291,427,176 at the end of 2024[21]. - The weighted average return on equity for 2024 was 8.16%, down from 9.82% in 2023[22]. Sales and Market Performance - Aggregate sales volume of aggregates reached 143.23 million tons, up 9% year-on-year[32]. - Concrete sales volume increased to 31.81 million cubic meters, reflecting a 17% year-on-year growth[32]. - In 2024, the company achieved total sales of cement and clinker of 60.27 million tons, a year-on-year decline of 3%[61]. - The company reported a total revenue of RMB 34.217 billion, an increase of 1.36% compared to the previous year[61]. - The company's aggregate sales reached 143.23 million tons, representing a year-on-year growth of 9%[61]. - The sales volume of ready-mixed concrete was 31.81 million cubic meters, reflecting a year-on-year increase of 17%[61]. International Expansion - The company signed contracts for cement and aggregate projects in Nigeria and Brazil, accelerating international expansion[32]. - The company has established a cement production network across nine provinces in China and has operational and under-construction capacity exceeding 25 million tons overseas, solidifying its presence in Africa[47]. - The company’s overseas cement production capacity exceeded 25 million tons by the end of 2024[33]. Environmental Initiatives - The company was recognized with multiple awards for its green initiatives, including being named a national "Green Factory" in 2024[34]. - The company achieved a heat value substitution rate of 21.66%, an increase of 1.66 percentage points from 2023[32]. - The total amount of alternative fuels used reached 4.41 million tons, an increase of 50,000 tons year-on-year[33]. - The company has accumulated the ecological use of nearly 25 million tons of waste-derived alternative fuels by the end of 2024[53]. - The company reduced carbon emissions by 4,160,305 tons during the reporting period[163]. - The carbon emission intensity of domestic kiln factories decreased by 1.32 kg compared to the same period last year[163]. Corporate Governance and Management - The company has implemented measures to ensure the independence of its operations from its controlling shareholders[106]. - The company has proposed to reappoint Ernst & Young as its auditor for the 2024 fiscal year[109]. - The company is focused on enhancing its corporate governance structure in compliance with relevant regulations[106]. - The company has a structured approach to executive compensation, ensuring alignment with performance metrics and shareholder interests[119]. - The company appointed several new executives, including a new vice president starting from May 2024, indicating a strategic shift in management[115]. Future Outlook and Strategic Plans - The company anticipates a rebound in cement prices in 2024, which will improve overall industry profitability[87]. - For 2025, the company expects total revenue to reach 37.1 billion yuan, with planned sales of 5.7 million tons of cement and clinker, and 1.7 million tons of aggregates[92]. - The company plans capital expenditures of approximately 13.3 billion yuan in 2025, focusing on aggregate and overseas cement capacity[92]. - The company aims to enhance operational efficiency and reduce costs through various strategies, including optimizing industrial indicators and improving fuel cost strategies[96]. Research and Development - The company holds 99 invention patents and 121 utility model patents, showcasing its strong innovation capabilities[55]. - The total R&D investment accounted for 0.70% of the company's revenue[72]. - The company is investing $50 million in research and development for new technologies aimed at enhancing product efficiency[111]. Financial Management - The company has implemented a cash-centric business model to control credit risk, achieving its annual accounts receivable control targets without any overdue incidents[36]. - The company reported a total investment in public fund products of CNY 1,060,000,000, with a redemption amount of CNY 1,030,000,000[182]. - The company has not proposed any capital reserve fund conversion into share capital for the fiscal year 2023[138]. Shareholder Information - The total number of ordinary shareholders increased from 51,386 to 52,723 during the reporting period[191]. - The top ten shareholders hold a total of 1,588,000,000 shares, representing 77.34% of the total shares[193]. - The largest unrestricted shareholder, Hong Kong Central Clearing Limited, holds 734,719,919 shares[194]. Compliance and Legal Matters - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating a clean compliance record[122]. - The company is involved in a significant arbitration case with Moncement, with a claim amount of approximately 77.07 million USD[172].

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].

Financial Performance - Revenue for Q3 2024 reached ¥8,481,719,094, an increase of 1.78% compared to the same period last year[2] - Net profit attributable to shareholders decreased by 40.17% to ¥407,874,433 in Q3 2024[2] - The net profit after deducting non-recurring gains and losses was ¥383,066,355, down 41.34% year-on-year[2] - EBITDA for the year-to-date period was ¥5.586 billion, a decline of 9.04% compared to the previous year[4] - The net profit attributable to the parent company for the first three quarters of 2024 is CNY 1,138,427,807, a decrease from CNY 1,874,323,694 in the same period of 2023, representing a decline of approximately 39.3%[13] - Total operating revenue for the first three quarters of 2024 is CNY 24,719,092,748, an increase of 2.3% compared to CNY 24,164,876,879 in the same period of 2023[13] - Total operating costs increased to CNY 22,746,306,525, up 6.5% from CNY 21,351,174,063 in the first three quarters of 2023[13] - The company's operating profit for the first three quarters of 2024 is CNY 2,113,231,271, down from CNY 2,909,709,095 in the same period of 2023, reflecting a decrease of approximately 27.3%[13] - The total comprehensive income for the first three quarters of 2024 is CNY 1,543,394,712, down from CNY 2,153,463,903 in the same period of 2023[14] - Basic earnings per share for the first three quarters of 2024 is CNY 0.55, compared to CNY 0.90 in the same period of 2023[14] Assets and Liabilities - Total assets at the end of the reporting period were ¥68,830,895,971, reflecting a slight increase of 0.04% from the end of the previous year[3] - Current assets totaled RMB 15.09 billion, down from RMB 15.22 billion at the end of 2023, with cash and cash equivalents at RMB 5.52 billion[11] - Accounts receivable increased significantly to RMB 3.56 billion from RMB 2.26 billion, indicating a growth of approximately 57%[11] - Total liabilities stood at RMB 35.46 billion, a marginal decrease from RMB 35.51 billion at the end of 2023[12] - The company's equity attributable to shareholders was RMB 28.92 billion, slightly down from RMB 28.93 billion at the end of 2023[12] Cash Flow - The company reported a net cash flow from operating activities of ¥3,381,818,805, down 3.46% compared to the same period last year[2] - The net cash flow from operating activities for the first three quarters of 2024 is CNY 3,381,818,805, a decrease from CNY 3,502,921,498 in the same period of 2023[15] - The company reported a net cash outflow from investing activities of CNY 1,748,072,245 for the first three quarters of 2024, compared to a net outflow of CNY 2,767,490,621 in the same period of 2023[15] - The net cash flow from financing activities for the first three quarters of 2024 is CNY -1,843,090,185, slightly improved from CNY -1,862,927,893 in the same period of 2023[15] - The cash and cash equivalents at the end of the third quarter of 2024 amount to CNY 5,083,527,232, a decrease from CNY 5,587,057,061 at the end of the same period in 2023[16] Shareholder Information - The company has 46,297 common shareholders as of the end of the reporting period[7] - The first phase of the employee stock ownership plan unlocked 802,646 shares, representing 0.0386% of the total share capital[10] - The second phase of the employee stock ownership plan involved the purchase of 3,290,225 shares, accounting for 0.1583% of the total share capital[10] Other Financial Metrics - The weighted average return on net assets was 1.42%, a decrease of 2.83 percentage points year-on-year[3] - The decline in net profit was primarily attributed to the drop in domestic cement prices[6] - Non-recurring gains totaled ¥24,808,078 for the current period, with government subsidies contributing ¥22,432,866[5] - The company issued RMB 11 billion in corporate bonds with a maturity of 5 years and a coupon rate of 2.49%[9] - The company reported a decrease in short-term borrowings to RMB 516.57 million from RMB 644.33 million[12] - Inventory decreased to RMB 3.25 billion from RMB 3.46 billion, reflecting a reduction of approximately 6%[11]