华新水泥（600801）(06655)发布公告，截至2025年10月27日，公司完成回购，已实际回购公司A股股份 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股股份，回购最低价格人民币 17.70元/A股股份，回购均价人民币19.00元/A股股份，使用资金总额人民币4899.94万元(不含交易费 用)。 ...

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） （股份代號：6655） 有關二零二五年第三季度業績報告之補充公告 茲提述華新水泥股份有限公司（「本公司」）日期為 2025 年 10 月 24 日的公告（「該 公告」），內容有關（其中包括）二零二五年第三季度報告。除文義另有所指外，本 公告所用詞彙與該公告所界定者具有相同涵義。 本公司派發的現金股利以人民幣計值和宣佈，以人民幣向 A 股股東支付，以港幣或美 1 元向 H 股股東支付。 董事會已同意委任卓佳證券登記有限公司作為本公司的代理人，處理宣派股利予 H 股 股東事宜。董事會已同意，在臨時股東會批准 2025 年前三季度利潤分配預案的前提 下授權本公司葉家興先生（副總裁及董事會秘書）及彭普新先生（二人中任意一位均 有權簽署）執行派發股利有關事宜、簽署有關派發股利的法律檔，並全權代表本公 ...

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） （股份代號：6655） 關於股份回購完成暨回購實施結果的公告 茲提述本公司日期為 2025 年 10 月 3 日的公告（「該公告」）及日期為 2025 年 10 月 9 日的海外監管公告，內容有關（其中包括）以集中競價方式回購本公司 A 股股份方案 及回購進展。除非文義另有所指，否則本公告所用詞彙與該公告所界定者具有相同涵 義。 重要內容提示： | 回購方案首次披露日 | 2025 年 10 月 3 日 | | --- | --- | | 回購方案實施期限 | 2025 年 10 月 3 日 ～2026 年 4 月 3 日 | | 預計回購金額 | 人民幣3,225萬元-6,450萬元（均含本數） | | 回購用途 | □減少註冊資本 | | | √股權激勵 | | | □為維護公司價值及 ...

首次进行前三季度分红，彰显发展信心。前三季度公司拟每股派发现金红利 0.34 元（含税），累计分 配7.06 亿元，占归母净利润的比例为35.23%。对比前次，2024 年度分红金额为9.56 亿元，占归母净利 润比例为40%。其他数据上，Q3 经营性现金流净额为16.04 亿元，销售/管理/财务费用率分别为 4.75%/5.96%/2.24%，分别同比-0.09/+0.44/-0.62pct，财务费用改善或因汇率影响减弱。 盈利预测与投资评级：我们预计公司 25-27 年营收分别为 356.79、399.38、432.68 亿元，分别同比 +4.27%、+11.94%、+8.34%，归母净利润分别为 30.31、38.96、43.10 亿元，分别同比+25.45%、 +28.52%、+10.63%，对应 PE 分别为14、11、10X。国内水泥长期需求下行局面短期不会改变，看好出 海和非水泥业务拓展领先行业的龙头企业华新水泥，维持"强烈推荐"评级。 风险提示：行业供给超预期增加；下游需求不及预期；成本超预期升高等。 事件：公司公布25 年三季报，报告期内实现收入、归母净利润、扣非归母净利润分别为250.33 ...

Summary of Huaxin Cement Co. 3Q25 Earnings Call Company Overview - **Company**: Huaxin Cement Co - **Industry**: Greater China Cement - **Market Cap**: US$5,440 million - **Ticker**: 600801.SS (A-share), 6655.HK (H-share) Key Financial Highlights - **3Q25 Performance**: - Net profit reached Rmb900 million, representing a **121% YoY** increase and a **3.5% QoQ** increase, exceeding market expectations [2][4] - **9M25 Net Profit**: Grew **76% YoY** to Rmb2 billion [2] - **Revenue Growth**: Driven by increased overseas cement shipment volumes and improved gross profit per ton [2] - **SG&A Expenses**: Controlled with a mild increase of Rmb104 million YoY to approximately Rmb1 billion in 3Q25, resulting in an SG&A ratio of **11.3%**, up **0.6ppt YoY** [3] Strategic Developments - **Acquisition of Lafarge Africa**: - Huaxin acquired an **83.81% stake** in Lafarge Africa for approximately **US$774 million** on August 29, 2025 [4] - The Nigerian business contributed an estimated Rmb100 million to Huaxin's earnings in 3Q25, with full consolidation expected in 4Q25, likely enhancing earnings further [4] Dividend Announcement - **9M Dividend**: First-time announcement of Rmb0.34 per share, implying a **35% payout ratio** of 9M25 earnings, compared to Rmb0.46 per share and **40% payout** for FY24 [5] - **Dividend Yield**: Implies a **1.6% yield** for A-shares and **2.3% yield** for H-shares [5] Analyst Ratings and Price Target - **Rating**: Overweight (OW) on both A and H shares due to high earnings growth visibility from overseas expansion and attractive valuation [5][7] - **Price Target**: Rmb22.90, indicating an **11% upside** from the closing price of Rmb20.66 on October 24, 2025 [7] Risks and Considerations - **Upside Risks**: - Better-than-expected demand in Hubei and Yunnan could mitigate supply/demand impacts [10][12] - Stricter production suspension and environmental regulations may enhance pricing power [10][12] - **Downside Risks**: - Weak fundamentals in Guizhou could negatively affect pricing in southwestern and central China [11][13] - Slower-than-expected growth in overseas markets may hinder overall performance [11][13] Conclusion - Huaxin Cement Co's strong financial performance in 3Q25, driven by overseas expansion and strategic acquisitions, positions the company favorably in the cement industry. The positive market reaction to earnings and the initiation of dividends reflect confidence in future growth prospects. However, potential risks related to market conditions and operational challenges should be monitored closely.

| 回购方案首次披露日 | 2025 年 10 月 9 日 | | --- | --- | | 回购方案实施期限 | 2025 年 10 月 3 日 ～2026 年 4 月 3 日 | | 预计回购金额 | 人民币3,225万元-6,450万元（均含本数） | | 回购用途 | □减少注册资本 | | | √股权激励 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 2,578,000股A股股份 | | 累计已回购股份占总股本比例 | 0.12% | | 累计已回购金额 | 48,999,401元 | | 实际回购价格区间 | 17.70元/A股股份～22.72元/A股股份 | 重要内容提示： 一、回购股份的基本情况 证券代码：600801 证券简称：华新水泥 公告编号：2025-048 华新水泥股份有限公司 关于股份回购完成暨回购实施结果的公告 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"）于2025年10月3日召开第十一届董 事会第十八次会议，审议通过了《关 ...

Summary of Key Points Core Viewpoint - Huanxin Cement has completed a share buyback program, repurchasing approximately 2.58 million A-shares, which represents 0.12% of the company's total shares, with a total expenditure of around RMB 49 million [1]. Financial Performance - For the first half of 2025, Huanxin Cement's revenue composition is as follows: Cement 54.56%, Concrete 21.54%, Aggregates 17.22%, Others 4.21%, and Clinker 2.47% [1]. - The company's market capitalization is currently RMB 46.3 billion [1]. Share Buyback Details - The share buyback was conducted at a maximum price of RMB 22.72 per A-share, a minimum price of RMB 17.7 per A-share, and an average price of RMB 19 per A-share [1].

Investment Rating - The investment rating for Huaxin Cement is "Buy" (maintained) [4] Core Views - The company's profitability has significantly improved, with the successful implementation of the Nigeria project expected to contribute positively to future earnings [6] - Domestic profitability is steadily recovering, while overseas expansion is anticipated to accelerate [6] - The company has shown strong performance in Q3 2025, with a year-on-year increase in net profit of 121% [6] Financial Summary - Total shares outstanding: 2,079 million [1] - Market price: 20.66 CNY [1] - Market capitalization: 42,952.05 million CNY [1] - Revenue forecast for 2023A: 33,757 million CNY, with a growth rate of 11% [4] - Net profit forecast for 2025E: 2,990 million CNY, with a growth rate of 24% [4] - Earnings per share (EPS) for 2025E: 1.44 CNY [4] - Operating cash flow for the first three quarters of 2025: 32.27 billion CNY [6] - The company plans to distribute a cash dividend of 0.34 CNY per share, totaling 7.06 billion CNY [6] Profitability and Growth - The company achieved a net profit of 20.04 billion CNY in the first three quarters of 2025, a year-on-year increase of 76.01% [6] - The revenue for Q3 2025 was 89.86 billion CNY, reflecting a year-on-year growth of 5.95% [6] - The company expects to see continued growth in net profit, with projections of 29.90 billion CNY for 2025, 39.01 billion CNY for 2026, and 44.87 billion CNY for 2027 [6] Cash Flow and Dividend Policy - The company has maintained a high dividend payout ratio, with a historical average of around 39.5% from 2019 to 2024 [6] - The cash flow from operating activities remains robust, indicating strong operational efficiency [6]

Core Viewpoint - Huanxin Cement (06655) announced a dividend of HKD 0.34 per share for the first three quarters ending September 30, 2025, to be distributed on December 24, 2025 [1] Company Summary - The company will distribute a dividend of HKD 0.34 per share [1]

Core Viewpoint - Huaxin Cement (600801)(06655) announced a dividend distribution of CNY 0.34 per share for the first three quarters ending September 30, 2025, to be paid on December 24, 2025 [1] Summary by Category - **Company Announcement** - Huaxin Cement will distribute a dividend of CNY 0.34 per share [1]