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.

华新水泥披露3 季报财报：实现收入250.3 亿，同比增长1.27%；归属净利润20.04 亿，同比增长76%； 其中25Q3 单季度收入89.9 亿，同比增长5.9%；归属净利润9 亿元，同比增长121%；环比增长3.5%。 此外，公司披露三季报分红，拟向全体股东分配前三季度现金红利0.34 元/股（含税）。 预计2025-2026 年业绩31、42 亿，对应PE 为14、10 倍，推荐评级。 风险提示 1、需求持续偏弱； 2、骨料价格持续走低。 国内需求整体仍承压。2025 年前3 季度基础设施投资同比增长1.1%，制造业投资增长4.0%，房地产开 发投资下降13.9%。从水泥行业层面来看，2025 年前3 季度，全国水泥产量12.59 亿吨，同比下降 5.2%。9 月份，全国单月水泥产量1.54 亿吨，同比下降8.6%。 公司有别于同行，在海外市场多年前展开了较大力度的布局，当前进入收获期，也是当下业绩超预期的 核心支撑。公司是出海的领跑者，随着海外版图的持续扩张，目前也是业绩释放的窗口期。2025 年海 外表现突出，也是25Q3 业绩超预期的核心支撑：1、尼日利亚项目9 月开始进入并表，提供边际增量； ...

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].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. 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 basic earnings per share (EPS) of 0.97 yuan [9][4]. - The growth in revenue and profit is primarily attributed to the expansion of overseas business and the consolidation of the Nigerian acquisition, while domestic cement prices and volumes remain under pressure [4][9]. - The company has made significant progress in its internationalization strategy, with non-cement business contributing 43% to revenue and 44% to EBITDA as of mid-2025 [4][25]. Financial Performance - The gross margin improved to 29.5%, an increase of 5.47 percentage points year-on-year, with quarterly gross margins showing a slight decline in Q3 compared to Q2 [3][12]. - Operating cash flow for the first nine months was 3.227 billion yuan, a decrease of 4.6% year-on-year, while the debt-to-asset ratio was 53.22%, slightly up from the previous quarter but still manageable [12][3]. - The company expects EPS for 2025-2027 to be 1.43, 1.77, and 1.92 yuan per share, with corresponding price-to-earnings (PE) ratios of 15.6, 12.6, and 11.6 [4][5]. Overseas Expansion - The company has established operations in 14 countries, including Tajikistan and Kyrgyzstan, and completed the equity transfer for the Nigerian acquisition, which has a cement production capacity of approximately 10.6 million tons per year [4][25]. - The overseas grinding capacity has surpassed 35 million tons per year, with ongoing projects in Mozambique expected to further enhance production capabilities [25][4]. Future Outlook - The company maintains its "Outperform the Market" rating, focusing on the continued growth of overseas operations and the potential recovery of domestic cement prices due to supply-side optimization [4][5]. - The financial forecasts indicate a stable growth trajectory, with expected revenue growth rates of 4.3% in 2025 and 11.2% in 2026 [5][4].

Core Viewpoint - The trend of high-frequency dividends is becoming a new norm in both A-share and Hong Kong markets, with over 100 billion yuan in dividends being distributed as companies release their third-quarter reports [1][2][4] Group 1: A-share Market Developments - As of October 27, 95 A-share companies have announced third-quarter dividend plans, totaling 10.87 billion yuan [1] - Leading companies like Wens Foodstuff Group, Huaxin Cement, and Dahua Technology have reported significant dividend amounts, with Wens Foodstuff Group leading at 1.994 billion yuan [1] - Huaxin Cement's unexpected announcement of a 706 million yuan cash dividend, amidst a surge in profits, resulted in stock price increases of 7.89% and 10.23% in A-shares and Hong Kong shares respectively [1] Group 2: Hong Kong Market Developments - Major blue-chip companies in Hong Kong, such as HSBC Holdings and Hang Seng Bank, have also announced third-quarter dividend plans [1] - HSBC Holdings declared a dividend of $0.1 per share, maintaining the same level as the previous year, with total dividends for the year reaching $0.3 per share, which helped its stock price rise over 4% despite a decline in quarterly profits [1] Group 3: Trends and Policy Implications - The increase in high-frequency dividends is attributed to both policy guidance and market mechanisms, with new regulations encouraging companies to adopt multiple dividend distributions within a year [4] - The trend is reshaping the investment landscape, with long-term investors, such as insurance funds, increasingly favoring high-dividend companies [4] - As of mid-2023, the balance of insurance company investments exceeded 36 trillion yuan, and public fund sizes reached 36.25 trillion yuan, indicating a growing preference for high-dividend strategies in a declining interest rate environment [4]

Group 1 - The core point of the news is that Huaxin Cement (600801) has seen a net financing inflow of 309.38 million yuan on October 27, 2025, with a total financing balance of 3.35 billion yuan, indicating a positive trend in investor sentiment towards the company [1][2]. - Over the past three trading days, Huaxin Cement has accumulated a total net buy of 3,160.14 million yuan, reflecting strong buying interest [1]. - The financing balance has increased by 1.96% to 3.41 billion yuan as of October 27, 2025, compared to the previous day [3][4]. Group 2 - On October 27, 2025, the net financing buy was 309.38 million yuan, which represents 1.12% of the circulating market value [2]. - The total margin trading balance has shown fluctuations, with a peak of 3.34 billion yuan on October 24, 2025, before rising again to 3.41 billion yuan [4]. - The margin trading activity included a net sell of 14.82 million shares on October 27, 2025, with a remaining short selling volume of 239,800 shares [2].

外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.25%。本期较上一季未再披露的外资机构包括HOLCHIN B.V.、香港中央结算有限公司。 对于社保基金，本期较上一季度持股减少的社保基金共计1个，即全国社保基金四一三组合，，持股减 少占比达0.19%。本期较上一季未再披露的社保基金共计1个，即全国社保基金一零七组合。 2025年10月25日，华新水泥(600801.SH)发布2025年第三季报。截至2025年10月27日，共有17个机构投 资者披露持有华新水泥A股股份，合计持股量达9.06亿股，占华新水泥总股本的43.57%。其中，前十大 机构投资者包括HOLCHIN B.V.、华新集团有限公司、香港中央结算有限公司、全国社保基金四一三组 合、中国铁路武汉局集团有限公司、中国农业银行股份有限公司-中证500交易型开放式指数证券投资基 金、中国工商银行股份有限公司-富国天惠精选成长混合型证券投资基金(LOF)、中银收益混合A、国泰 中证全指建筑材料ETF、中银优选混合A，前十大机构投资者合计持股比例达43.45%。相较于上一季 度，前十大机构持股比例合计下跌了1 ...

格隆汇10月27日丨华新水泥(600801.SH)公布，截至2025年10月27日，公司完成回购，已实际回购公司 股份257.8万股A股，占公司总股份数的0.12%，回购最高价格人民币22.72元/A股，回购最低价格人民币 17.70元/A股，回购均价人民币19.00元/A股，使用资金总额人民币48,999,401元（不含交易费用）。 ...