[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms used in the report, ensuring consistent interpretation of key terminology such as "Qingsong Jianhua," "Corps," "First Division," and "Corps SASAC" [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions for common terms used in the report, clarifying the meanings of key terms like "Qingsong Jianhua," "Corps," "First Division," and "Corps SASAC" to ensure consistent interpretation - The report clarifies that “Qingsong Jianhua” refers to Xinjiang Qingsong Building Materials and Chemicals (Group) Co., Ltd[11](index=11&type=chunk) - “Corps” refers to Xinjiang Production and Construction Corps, and “Corps SASAC” refers to the State-owned Assets Supervision and Administration Commission of Xinjiang Production and Construction Corps[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, historical changes, stock information, and key financial performance for the reporting period [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration details, including its Chinese name, abbreviation, foreign name, and legal representative, confirming it as Xinjiang Qingsong Building Materials and Chemicals (Group) Co., Ltd - The company's Chinese name is Xinjiang Qingsong Building Materials and Chemicals (Group) Co., Ltd., abbreviated as Qingsong Jianhua[13](index=13&type=chunk) - The company's legal representative is Zheng Shujian[13](index=13&type=chunk) [II. Contact Person and Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, and email addresses, to facilitate communication with investors and relevant parties - The Board Secretary is Jiang Junkai, and the Securities Affairs Representative is Xiong Xuehua[14](index=14&type=chunk) - The company's contact address is No. 237 Henglian Alley, Midong South Road, Midong District, Urumqi City, Xinjiang[14](index=14&type=chunk) [III. Changes in Basic Information](index=5&type=section&id=III.%20Changes%20in%20Basic%20Information) This section details the historical changes in the company's registered address, showing two changes in 2019 and 2020, ultimately settling at No. 1395 Binhe Avenue East, Alar City, Xinjiang - The company's registered address changed from Linyuan, Aksu City, Aksu Prefecture, Xinjiang to No. 1245 West Qiushou Avenue, Alar City, Xinjiang on November 25, 2019[16](index=16&type=chunk) - The company's registered address changed from No. 1245 West Qiushou Avenue, Alar City, Xinjiang to No. 1395 Binhe Avenue East, Alar City, Xinjiang on October 12, 2020[16](index=16&type=chunk) [IV. Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=IV.%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section specifies the company's designated newspapers for information disclosure, website address, and the location for storing semi-annual reports, ensuring investors can access public company information promptly - The company's selected newspapers for information disclosure are Securities Times and Shanghai Securities News[17](index=17&type=chunk) - The website address for publishing the semi-annual report is the official website of the Shanghai Stock Exchange (www.sse.com.cn)[17](index=17&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides basic information about the company's stock, including its type, listing exchange, stock abbreviation, and code, to facilitate investor identification and trading - The company's stock type is RMB ordinary shares, listed on the Shanghai Stock Exchange[18](index=18&type=chunk) - The stock abbreviation is “Qingsong Jianhua,” and the stock code is 600425[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a significant year-on-year decrease in operating revenue and net profit, but an increase in net cash flow from operating activities 2025 Semi-Annual Key Accounting Data (Consolidated Statements) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,769,734,695.87 RMB | 2,058,573,439.17 RMB | -14.03 | | Total Profit | 154,547,103.86 RMB | 268,566,623.75 RMB | -42.45 | | Net Profit Attributable to Shareholders of the Listed Company | 109,813,490.71 RMB | 215,216,688.06 RMB | -48.98 | | Net Profit Attributable to Shareholders of the Listed Company Excluding Non-Recurring Gains and Losses | 100,722,160.43 RMB | 176,100,954.04 RMB | -42.80 | | Net Cash Flow from Operating Activities | 157,964,897.23 RMB | 131,788,273.14 RMB | 19.86 | | Net Assets Attributable to Shareholders of the Listed Company (Period-end) | 6,331,179,246.92 RMB | 6,390,635,773.62 RMB | -0.93 | | Total Assets (Period-end) | 9,472,455,309.90 RMB | 9,537,614,783.48 RMB | -0.68 | 2025 Semi-Annual Key Financial Indicators (Consolidated Statements) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.068 | 0.134 | -49.25 | | Diluted Earnings Per Share (RMB/share) | 0.068 | 0.134 | -49.25 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (RMB/share) | 0.063 | 0.110 | -42.73 | | Weighted Average Return on Net Assets (%) | 1.718 | 3.411 | Decreased by 1.693 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 1.576 | 2.791 | Decreased by 1.215 percentage points | [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section itemizes the company's non-recurring gains and losses for the first half of 2025, totaling 9,091,330.28 RMB, primarily comprising government grants, non-operating income, and debt restructuring gains and losses 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -206,001.43 | | Government grants recognized in current profit or loss | 8,999,565.86 | | Fund occupation fees received from non-financial enterprises recognized in current profit or loss | 89,687.75 | | Debt restructuring gains and losses | 55,285.72 | | Other non-operating income and expenses apart from the above | 1,734,557.46 | | Less: Income tax impact | -1,088,401.44 | | Minority interests impact (after tax) | -493,363.64 | | Total | 9,091,330.28 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry, main business, operational performance, core competencies, and key operating results during the reporting period, along with other significant disclosures [I. Industry and Main Business Overview During the Reporting Period](index=7&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) The cement manufacturing industry faces multiple challenges including overcapacity, declining demand, rising costs, and green transformation, while national policies drive energy saving and elimination of outdated capacity, creating both opportunities and pressures; the company's revenue and net profit decreased due to declining cement sales and prices and poor performance in the chemical sector - The cement industry faces severe challenges from overcapacity, declining demand, rising costs, and green and low-carbon transformation[27](index=27&type=chunk) - National policies require that by 2025, the proportion of clinker production capacity meeting energy efficiency benchmark levels or higher in the cement industry should reach **30%**, with capacity below energy efficiency baseline levels largely eliminated[27](index=27&type=chunk)[28](index=28&type=chunk) 2025 Semi-Annual Key Operating Data | Indicator | Amount (RMB 10,000) | Year-on-year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 176,973.47 | -14.03 | | Operating Cost | 141,852.14 | -11.51 | | Net Profit Attributable to Shareholders of the Listed Company | 10,981.35 | -48.98 | - The company's net profit decline is primarily due to reduced cement main business sales volume and lower selling prices leading to decreased gross profit margin, as well as low prices for urea and PVC in the chemical sector[29](index=29&type=chunk) [II. Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company's main products, cement, experienced declines in both sales volume and selling prices, while chemical products like urea and PVC also saw decreases in both volume and price, leading to a significant reduction in main business revenue, influenced by real estate adjustments, slower fixed asset investment, and insufficient infrastructure stimulus - The deep adjustment in the real estate industry, slower fixed asset investment, and insufficient infrastructure stimulus led to a decline in overall demand for cement and cement products[29](index=29&type=chunk) - The company's main product, cement, experienced a certain degree of decline in both sales volume and selling price compared to the same period last year[29](index=29&type=chunk) - Prices for urea in the chemical sector fell significantly, PVC prices remained low, and sales volume also decreased[29](index=29&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=8&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company maintains its core competitiveness in a fiercely competitive market by leveraging its long-term development advantages in Xinjiang, including brand recognition, technological R&D, strategic capacity layout, regional scale, stable resource supply, and policy support, particularly holding a leading position in special cement - The company owns “Qingsong Brand” and “Huangya Brand” Xinjiang famous brand cement, enjoying a high reputation in Xinjiang[31](index=31&type=chunk) - The company has developed various special cement products and obtained API certification from the American Petroleum Institute, making it the only designated supplier of oil well cement for wells over **10,000 meters** deep in Xinjiang[31](index=31&type=chunk) - The company has strategically deployed new dry-process cement production lines in multiple locations across Xinjiang, with a cement production capacity of **15 million tons**, significantly influencing regional market prices[31](index=31&type=chunk)[32](index=32&type=chunk) - The company possesses high-grade limestone resources sufficient for future development and, as a nationally supported regional cement enterprise, benefits from the industrial policy support of the Corps[32](index=32&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=9&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue and costs both decreased due to market conditions, while selling, general and administrative, and financial expenses increased, and R&D expenses decreased; the asset-liability structure remained stable, and investment in construction in progress significantly grew, with Alar Qingsong Chemical Co., Ltd. incurring losses among major subsidiaries 2025 Semi-Annual Financial Statement Related Item Changes | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,769,734,695.87 | 2,058,573,439.17 | -14.03 | | Operating Cost | 1,418,521,352.32 | 1,603,043,803.78 | -11.51 | | Selling Expenses | 11,556,839.92 | 9,900,000.29 | 16.74 | | General and Administrative Expenses | 114,695,862.11 | 103,862,700.50 | 10.43 | | Financial Expenses | 18,836,622.30 | 14,091,603.49 | 33.67 | | R&D Expenses | 41,271,228.84 | 50,068,703.20 | -17.57 | | Net Cash Flow from Operating Activities | 157,964,897.23 | 131,788,273.14 | 19.86 | | Net Cash Flow from Investing Activities | -89,246,859.98 | -144,011,567.19 | 38.03 | | Net Cash Flow from Financing Activities | -55,344,146.48 | -283,665,554.66 | 80.49 | - Changes in operating revenue and cost are primarily influenced by declines in sales volume and selling prices of main products[34](index=34&type=chunk) - Increases in selling and general and administrative expenses are mainly due to adjustments in social security contribution base and increased amortization of intangible assets[34](index=34&type=chunk) - The increase in financial expenses is mainly due to a decrease in interest income from deposits[34](index=34&type=chunk) 2025 Semi-Annual Asset and Liability Status Changes | Project Name | Period-end Amount (RMB) | Prior Year-end Amount (RMB) | Period-end Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 1,281,180,615.63 | 1,273,126,388.19 | 0.63 | | Accounts Receivable | 1,074,830,040.64 | 1,148,680,945.34 | -6.43 | | Inventories | 716,849,394.14 | 642,553,982.06 | 11.56 | | Construction in Progress | 411,963,907.03 | 295,340,995.35 | 39.49 | | Short-term Borrowings | 443,475,537.18 | 495,153,338.71 | -10.44 | | Long-term Borrowings | 947,512,394.43 | 811,751,720.94 | 16.72 | 2025 Semi-Annual Operating Performance of Major Controlled and Invested Companies | Company Name | Company Type | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | | Yili Qingsong Nangang Building Materials Co., Ltd. | Subsidiary | 209,929,662.91 | 45,219,723.56 | 43,558,557.99 | | Bazhou Qingsong Luyuan Building Materials Co., Ltd. | Subsidiary | 102,737,062.03 | 11,524,250.31 | 9,881,875.55 | | Alar Qingsong Chemical Co., Ltd. | Subsidiary | 296,064,571.59 | -80,152,953.32 | -84,086,832.73 | | Guoneng Xinjiang Aksu Hydropower Development Co., Ltd. | Invested Company | 33,298,592.34 | 14,170,259.79 | 13,880,979.62 | [V. Other Disclosure Matters](index=13&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces various operational risks including sales price fluctuations, intensified market competition, production safety, rising energy prices, macroeconomic adjustments, changes in industrial policies, management challenges, and seasonality; the company plans to actively respond by strengthening its main business, optimizing sales, reducing costs, improving management, and increasing investment in green and low-carbon initiatives - Fluctuations in the prices of the company's main product, cement, directly impact profitability, and market competition continues to intensify[41](index=41&type=chunk) - Mining and hazardous chemical production pose safety risks, while fluctuations in coal and electricity prices affect cement production costs[41](index=41&type=chunk) - Changes in national macroeconomic control policies and industrial policies, such as energy saving, carbon reduction, and ultra-low emission upgrades, bring investment pressure and operational risks[41](index=41&type=chunk)[42](index=42&type=chunk) - Located in Northwest China, the company is affected by seasonality, with winter construction activities halting, leading to a significant reduction in cement market demand, resulting in lower sales and profits[44](index=44&type=chunk) - The company will address risks by strengthening its core cement business, refining the chemical industry chain, optimizing sales models, improving internal controls, encouraging innovation, and increasing investment in carbon reduction[44](index=44&type=chunk)[45](index=45&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=14&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's profit distribution plan and environmental information disclosure for the reporting period [II. Profit Distribution or Capital Reserve Conversion Plan](index=14&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors resolved that there is "no" profit distribution plan or capital reserve conversion plan for the reporting period, meaning no profit distribution or capital reserve conversion into share capital will occur - The company's proposed semi-annual profit distribution plan and capital reserve conversion plan are “No”[47](index=47&type=chunk) - The number of bonus shares, dividends, and conversion shares per 10 shares is **0**[47](index=47&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=15&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information) The company and its 13 major subsidiaries are included in the list of enterprises required to disclose environmental information, with query indexes provided for each enterprise's environmental information disclosure report, demonstrating the company's compliance in environmental information transparency - The company has **13** enterprises included in the list of enterprises required to disclose environmental information[48](index=48&type=chunk) - Environmental information disclosure reports for all listed enterprises can be queried on the Xinjiang Uygur Autonomous Region Enterprise Environmental Information Disclosure and Credit Evaluation System[48](index=48&type=chunk)[49](index=49&type=chunk) [Section V Significant Matters](index=17&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments by the actual controller and significant related party transactions during the reporting period [I. Fulfillment of Commitments](index=17&type=section&id=I.%20Fulfillment%20of%20Commitments) Xinjiang Zhongxinjian Energy Mining Group Co., Ltd., the company's actual controller, strictly fulfilled its commitments to resolve horizontal competition and related party transactions during the reporting period, with no violations occurring - Xinjiang Zhongxinjian Energy Mining Group Co., Ltd. committed not to directly or indirectly control, manage, or engage in any economic entity that competes with the listed company in any way[51](index=51&type=chunk) - The committing party also pledged to avoid and reduce unnecessary related party transactions with Qingsong Jianhua and its subsidiaries, ensuring necessary transactions are conducted on fair and equitable principles[51](index=51&type=chunk) - During the reporting period, these commitments were timely and strictly fulfilled, with no unfulfilled situations[51](index=51&type=chunk) [X. Significant Related Party Transactions](index=18&type=section&id=X.%20Significant%20Related%20Party%20Transactions) The company engaged in related party transactions related to its daily operations during the reporting period, primarily involving the purchase of goods and provision of services, which were disclosed in temporary announcements and are continuously being implemented - The company's estimated daily related party transactions for **2025** were disclosed on March 15, 2025[52](index=52&type=chunk) - During the reporting period, there was no progress or change in the subsequent implementation of the disclosed daily related party transactions[52](index=52&type=chunk) [Section VI Share Changes and Shareholder Information](index=20&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's share capital changes and shareholder structure during the reporting period [I. Share Capital Changes](index=20&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital and share structure remained unchanged and stable - During the reporting period, the company's total share capital and share structure remained unchanged[56](index=56&type=chunk) [II. Shareholder Information](index=20&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 59,083 common shareholders; the top ten shareholders' holdings remained stable, with Xinjiang Zhongxinjian Energy Mining Group Co., Ltd. as the largest shareholder, and Alar City State-owned Capital Investment and Operation Group Co., Ltd. holding some restricted shares - As of the end of the reporting period, the company had a total of **59,083** common shareholders[57](index=57&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Shares Held at Period-end (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Zhongxinjian Energy Mining Group Co., Ltd. | 360,922,546 | 22.49 | 0 | Unrestricted | 0 | | Alar City State-owned Capital Investment and Operation Group Co., Ltd. | 266,358,721 | 16.60 | 225,913,621 | Pledged | 225,913,621 | | National Social Security Fund 503 Portfolio | 44,000,000 | 2.74 | 0 | Unrestricted | 0 | | E Fund Management Co., Ltd. - Central Huijin Asset Management Co., Ltd. - E Fund Management Co., Ltd. - Huijin Asset Management Single Asset Management Plan | 34,080,000 | 2.12 | 0 | Unrestricted | 0 | | Zhang Sufen | 20,800,000 | 1.30 | 0 | Unrestricted | 0 | | Cao Jiapeng | 10,654,800 | 0.66 | 0 | Unrestricted | 0 | | Xinjiang Production and Construction Corps Investment Co., Ltd. | 10,300,000 | 0.64 | 0 | Unrestricted | 0 | | Cao Hongbo | 9,980,900 | 0.62 | 0 | Unrestricted | 0 | | Yinhua Fund Management Co., Ltd. - Agricultural Bank of China - Yinhua CSI Financial Asset Management Plan | 8,634,929 | 0.54 | 0 | Unrestricted | 0 | | Li Weiquan | 8,615,600 | 0.54 | 0 | Unrestricted | 0 | - Alar City State-owned Capital Investment and Operation Group Co., Ltd. holds **45%** equity in Xinjiang Zhongxinjian Energy Mining Group Co., Ltd., but the two shareholders have no other related party relationships and are not acting in concert[60](index=60&type=chunk) - The **225,913,621** restricted shares held by Alar City State-owned Capital Investment and Operation Group Co., Ltd. will become tradable on February 10, 2026[62](index=62&type=chunk) [Section VII Bond-Related Information](index=23&type=section&id=Section%20VII%20Bond-Related%20Information) During the reporting period, the company had no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[64](index=64&type=chunk) - The company has no convertible corporate bonds[64](index=64&type=chunk) [Section VIII Financial Report](index=24&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's financial statements, including the audit report status, consolidated and parent company financial statements, basic company information, basis of financial statement preparation, significant accounting policies, taxation, and detailed notes to financial statement items [I. Audit Report](index=24&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited, and the company declares that the financial report is true, accurate, and complete - This semi-annual report is unaudited[5](index=5&type=chunk) - The company's responsible person, the person in charge of accounting work, and the head of the accounting department declare that the financial report in the semi-annual report is true, accurate, and complete[5](index=5&type=chunk) [II. Financial Statements](index=24&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Monetary Funds | 1,281,180,615.63 | 1,273,126,388.19 | | Notes Receivable | 250,400,330.54 | 521,963,152.41 | | Accounts Receivable | 451,071,862.73 | 327,885,459.56 | | Inventories | 716,849,394.14 | 642,553,982.06 | | Total Current Assets | 3,153,854,198.04 | 3,171,856,094.72 | | Long-term Equity Investments | 453,102,901.42 | 522,097,366.41 | | Fixed Assets | 4,520,541,488.91 | 4,612,800,638.67 | | Construction in Progress | 411,963,907.03 | 295,340,995.35 | | Intangible Assets | 445,369,857.82 | 431,383,928.74 | | Total Non-current Assets | 6,318,601,111.86 | 6,365,758,688.76 | | Total Assets | 9,472,455,309.90 | 9,537,614,783.48 | | Short-term Borrowings | 443,475,537.18 | 495,153,338.71 | | Accounts Payable | 460,736,958.81 | 510,434,360.85 | | Total Current Liabilities | 1,656,014,149.48 | 1,836,062,059.26 | | Long-term Borrowings | 947,512,394.43 | 811,751,720.94 | | Total Non-current Liabilities | 1,177,712,490.68 | 1,015,330,207.54 | | Total Liabilities | 2,833,726,640.16 | 2,851,392,266.80 | | Total Equity Attributable to Parent Company Owners | 6,331,179,246.92 | 6,390,635,773.62 | | Total Owners' Equity | 6,638,728,669.74 | 6,686,222,516.68 | | Total Liabilities and Owners' Equity | 9,472,455,309.90 | 9,537,614,783.48 | Consolidated Income Statement (January-June 2025) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,769,734,695.87 | 2,058,573,439.17 | | Total Operating Costs | 1,629,519,829.61 | 1,809,242,078.62 | | Total Profit | 154,547,103.86 | 268,566,623.75 | | Net Profit | 122,810,432.36 | 217,040,710.97 | | Net Profit Attributable to Parent Company Shareholders | 109,813,490.71 | 215,216,688.06 | | Minority Interest Income | 12,996,941.65 | 1,824,022.91 | | Basic Earnings Per Share (RMB/share) | 0.068 | 0.134 | | Diluted Earnings Per Share (RMB/share) | 0.068 | 0.134 | Consolidated Cash Flow Statement (January-June 2025) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 157,964,897.23 | 131,788,273.14 | | Net Cash Flow from Investing Activities | -89,246,859.98 | -144,011,567.19 | | Net Cash Flow from Financing Activities | -55,344,146.48 | -283,665,554.66 | | Net Increase in Cash and Cash Equivalents | 13,373,890.77 | -295,888,848.71 | | Cash and Cash Equivalents at End of Period | 1,272,339,126.36 | 1,303,604,110.07 | [III. Company Basic Information](index=40&type=section&id=III.%20Company%20Basic%20Information) This section provides a detailed overview of the company, including its registered and headquarters addresses, organizational form, unified credit code, listing information, industry, and main business activities, also specifying the approver and approval date of the financial report - The company's registered address is No. 1395 Binhe Avenue East, Alar City, Xinjiang, and its headquarters address is No. 237 Henglian Alley, Midong South Road, Midong District, Urumqi City, Xinjiang[91](index=91&type=chunk) - The company was listed on the Shanghai Stock Exchange on July 24, 2003, with stock code 600425.SH, and belongs to the non-metallic mineral products industry[91](index=91&type=chunk) - Main business activities include the production and sale of cement, cement clinker, prestressed hollow core slabs, chemical products, building materials, and import/export[91](index=91&type=chunk) - The financial report was approved by the company's Board of Directors and issued on August 27, 2025[91](index=91&type=chunk) [IV. Basis of Financial Statement Preparation](index=40&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, and its ability to continue as a going concern for 12 months from the end of the reporting period has been assessed - The company's financial statements are prepared on a going concern basis[92](index=92&type=chunk) - The company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period[93](index=93&type=chunk) [V. Significant Accounting Policies and Estimates](index=40&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates used in preparing the company's financial statements, covering enterprise accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, financial instruments, notes receivable, accounts receivable, receivables financing, other receivables, inventories, contract assets, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[94](index=94&type=chunk) - The company uses a **12-month** period as its normal operating cycle and as the standard for classifying assets and liabilities as current or non-current[96](index=96&type=chunk) - The company adopts a combination of aging analysis and individual assessment for impairment provisions of accounts receivable, with specific provision rates for different aging periods[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) - Inventories are valued using the weighted average method upon issuance, perpetual inventory system is maintained, and they are measured at the lower of cost and net realizable value, with provision for inventory write-downs[115](index=115&type=chunk)[116](index=116&type=chunk) - The company accounts for long-term equity investments where it exercises control over the investee using the cost method, and for associates and joint ventures using the equity method[120](index=120&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **20-40 years** for buildings and structures, and **10-20 years** for machinery and equipment[123](index=123&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, at the transaction price allocated to the performance obligations; cement product revenue is recognized upon ex-factory or delivery and acceptance[139](index=139&type=chunk)[141](index=141&type=chunk) - Government grants are classified as asset-related or income-related, recognized as deferred income or directly in current profit or loss, respectively[145](index=145&type=chunk)[146](index=146&type=chunk) [VI. Taxation](index=56&type=section&id=VI.%20Taxation) This section details the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax, listing tax entities enjoying different corporate income tax rates; the company and some subsidiaries benefit from tax incentives such as Western Development, R&D expense super deduction, small and micro enterprise tax relief, and immediate VAT refund for resource comprehensive utilization products Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Revenue from sales of goods and taxable services | 3%, 5%, 9%, 13% | | Urban Maintenance and Construction Tax | Actually paid VAT | 5%, 7% | | Corporate Income Tax | Taxable income | Calculated based on taxable income | - Xinjiang Qingsong Building Materials and Chemicals (Group) Co., Ltd. and **10** subsidiaries enjoy a **15%** corporate income tax preferential rate under the Western Development policy, valid until December 31, 2030[155](index=155&type=chunk) - The company and some subsidiaries enjoy a **100%** pre-tax super deduction policy for R&D expenses[156](index=156&type=chunk) - Some subsidiaries enjoy preferential corporate income tax policies for small and micro enterprises, where the portion of annual taxable income not exceeding **1 million RMB** is subject to a **25%** reduction in taxable income and taxed at a **20%** rate[157](index=157&type=chunk)[158](index=158&type=chunk) - The company's cement branch, Kuche Qingsong Cement, and other units enjoy an immediate VAT refund policy for resource comprehensive utilization products, receiving a **70%** refund of VAT paid[158](index=158&type=chunk) - Some subsidiaries enjoy the “six taxes and two fees” reduction policy for small and micro enterprises, allowing for a **50%** reduction in resource tax, urban maintenance and construction tax, etc[159](index=159&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=58&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for major items in the consolidated financial statements, including monetary funds, notes receivable, accounts receivable, other receivables, inventories, long-term equity investments, investment properties, fixed assets, construction in progress, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, assets with restricted ownership or use rights, short-term borrowings, notes payable, accounts payable, contract liabilities, employee benefits payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, long-term borrowings, long-term payables, deferred income, share capital, capital reserves, specific reserves, surplus reserves, undistributed profits, operating revenue and costs, taxes and surcharges, selling expenses, general and administrative expenses, R&D expenses, financial expenses, other income, investment income, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, and income tax expenses, providing period-end balances, beginning-of-period balances, changes, and related explanations for each item Monetary Funds (June 30, 2025) | Item | Period-end Balance (RMB) | Beginning-of-period Balance (RMB) | | :--- | :--- | :--- | | Bank Deposits | 1,272,394,926.36 | 1,259,021,035.59 | | Other Monetary Funds | 8,785,689.27 | 14,105,352.60 | | Total | 1,281,180,615.63 | 1,273,126,388.19 | - Of the period-end bank deposits, **55,800.00 RMB** is frozen due to ETC, and other monetary funds of **8,785,689.27 RMB** are for bills and mining guarantees[162](index=162&type=chunk) Classification of Notes Receivable (June 30, 2025) | Item | Period-end Balance (RMB) | Beginning-of-period Balance (RMB) | | :--- | :--- | :--- | | Bank Acceptance Bills | 241,935,057.51 | 512,073,045.80 | | Commercial Acceptance Bills | 8,910,813.72 | 10,410,638.54 | | Less: Impairment Provision | 445,540.69 | 520,531.93 | | Total | 250,400,330.54 | 521,963,152.41 | Aging Disclosure of Accounts Receivable (June 30, 2025) | Aging | Period-end Book Balance (RMB) | Beginning-of-period Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 360,813,295.36 | 225,808,993.71 | | 1 to 2 years | 95,115,821.75 | 98,107,457.00 | | 2 to 3 years | 22,141,662.27 | 25,060,943.93 | | Over 3 years | 26,714,547.33 | 28,269,590.90 | | Total | 504,785,328.71 | 377,246,985.54 | Inventory Classification (June 30, 2025) | Item | Period-end Book Value (RMB) | Beginning-of-period Book Value (RMB) | | :--- | :--- | :--- | | Raw Materials | 261,404,553.99 | 357,868,224.24 | | Work in Progress | 228,318,380.78 | 90,681,746.77 | | Finished Goods | 222,339,470.72 | 189,585,057.71 | | Revolving Materials | 4,786,988.65 | 4,418,953.34 | | Total | 716,849,394.14 | 642,553,982.06 | Fixed Assets (June 30, 2025) | Item | Period-end Book Value (RMB) | Beginning-of-period Book Value (RMB) | | :--- | :--- | :--- | | Buildings and Structures | 2,460,066,262.13 | 2,436,700,605.26 | | Machinery and Equipment | 1,994,138,837.82 | 2,100,263,999.92 | | Transportation Vehicles | 16,665,884.38 | 18,283,400.56 | | Other Equipment | 49,670,504.58 | 57,552,632.93 | | Total | 4,520,541,488.91 | 4,612,800,638.67 | Construction in Progress (June 30, 2025) | Item | Period-end Book Value (RMB) | Beginning-of-period Book Value (RMB) | | :--- | :--- | :--- | | Denitrification System Ultra-low Emission High-temperature SCR Technology Transformation and Application | 16,659,573.45 | 16,659,573.45 | | Waste Heat Power Generation Project | 16,941,783.00 | 16,941,783.00 | | New Line Cement Steel Silo Repair and Reinforcement Project | 16,883,630.19 | 0.00 | | Kiln Tail Flue Gas NOx Ultra-low Emission Technical Transformation Project | 14,117,073.97 | 10,309,734.52 | | Distributed Wind Power Project | 43,773,060.20 | 39,731,392.37 | | Ultra-low Emission Transformation Project | 21,328,001.08 | 16,769,911.49 | | Other Projects | 100,325,597.68 | 105,018,180.27 | | Total | 411,963,907.03 | 295,340,995.35 | Operating Revenue and Operating Costs (January-June 2025) | Item | Current Period Amount - Revenue (RMB) | Current Period Amount - Cost (RMB) | Prior Period Amount - Revenue (RMB) | Prior Period Amount - Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,748,083,229.37 | 1,401,051,670.35 | 2,027,381,752.71 | 1,577,107,808.53 | | Other Businesses | 21,651,466.50 | 17,469,681.97 | 31,191,686.46 | 25,935,995.25 | | Total | 1,769,734,695.87 | 1,418,521,352.32 | 2,058,573,439.17 | 1,603,043,803.78 | Operating Revenue and Operating Cost Breakdown (January-June 2025) | Product Type | Operating Revenue (RMB) | Operating Cost (RMB) | | :--- | :--- | :--- | | Cement | 1,243,901,470.88 | 889,426,906.04 | | Cement Products | 60,973,667.60 | 49,848,747.34 | | Chemical Products | 439,739,103.19 | 457,978,708.01 | | Other | 3,468,987.70 | 3,797,308.95 | | Other Businesses | 21,651,466.50 | 17,469,681.97 | | Total | 1,769,734,695.87 | 1,418,521,352.32 | Financial Expenses (January-June 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Interest Expense | 21,294,306.54 | 26,758,438.26 | | Less: Interest Income | 5,438,592.24 | 12,081,049.21 | | Exchange Loss | 2,639,425.39 | 0.00 | | Less: Exchange Gain | 0.00 | 833,484.66 | | Handling Fees | 341,482.61 | 247,699.10 | | Total | 18,836,622.30 | 14,091,603.49 | Income Tax Expense (January-June 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Current Income Tax Expense | 31,660,411.22 | 51,186,675.55 | | Deferred Income Tax Expense | 76,260.28 | 339,237.23 | | Total | 31,736,671.50 | 51,525,912.78 | [VIII. Research and Development Expenses](index=114&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section discloses the company's R&D expenses for the reporting period, all of which were expensed and recognized in current profit or loss, primarily comprising salaries, daily consumables, and maintenance costs, with a year-on-year decrease in R&D expenses for the current period R&D Expenses by Nature of Expense (January-June 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Salaries and Wages | 5,537,554.77 | 3,689,669.13 | | Depreciation and Amortization | 968,672.64 | 1,796,406.97 | | Daily Consumables | 23,463,552.55 | 14,007,475.52 | | Maintenance | 11,291,905.18 | 30,568,937.98 | | Other | 9,543.70 | 6,213.60 | | Total | 41,271,228.84 | 50,068,703.20 | | Of which: Expensed R&D Expenses | 41,271,228.84 | 50,068,703.20 | - Total R&D expenses for the current period were **41,271,228.84 RMB**, a year-on-year decrease of **17.57%**[34](index=34&type=chunk)[320](index=320&type=chunk) [IX. Changes in Consolidation Scope](index=115&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company did not experience significant changes in its consolidation scope, such as business combinations involving non-common control, business combinations involving common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control - There were no business combinations involving non-common control in the current period[321](index=321&type=chunk) - There were no business combinations involving common control in the current period[321](index=321&type=chunk) - There was no disposal of subsidiaries leading to loss of control in the current period[321](index=321&type=chunk) [X. Interests in Other Entities](index=116&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including the main operating locations, registered capital, business nature, shareholding percentages, and acquisition methods for each subsidiary, as well as key financial information and excess losses for significant associates Composition of Major Subsidiaries | Subsidiary Name | Main Operating Location | Registered Capital (RMB) | Business Nature | Direct Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | Aksu Qingsong Commercial Concrete Co., Ltd. | Aksu City | 4,100.00 | Industrial | 100 | | Yili Qingsong Building Materials Co., Ltd. | Yining County | 87,288.87 | Industrial | 80 | | Bazhou Qingsong Luyuan Building Materials Co., Ltd. | Korla City | 36,159.00 | Industrial | 65 | | Kuche Qingsong Cement Co., Ltd. | Kuqa County | 72,264.11 | Industrial | 100 | | Alar Qingsong Chemical Co., Ltd. | Alar City | 174,223.88 | Industrial | 98.92 | | Xinjiang Qingsong Building Materials Co., Ltd. | Urumqi City | 149,889.79 | Industrial | 100 | Key Financial Information of Significant Non-Wholly Owned Subsidiaries (Current Period) | Subsidiary Name | Operating Revenue (RMB) | Net Profit (RMB) | Total Comprehensive Income (RMB) | Cash Flow from Operating Activities (RMB) | | :--- | :--- | :--- | :--- | :--- | | Alar Qingsong Chemical Co., Ltd. | 296,064,571.59 | -84,086,832.73 | -84,086,832.73 | -95,506,870.82 | | Bazhou Qingsong Luyuan Building Materials Co., Ltd. | 102,737,062.03 | 9,881,875.55 | 9,881,875.55 | 25,832,596.88 | | Yili Qingsong Nangang Building Materials Co., Ltd. | 209,929,662.91 | 43,558,557.99 | 43,558,557.99 | 31,482,315.62 | Key Financial Information of Significant Associates (Current Period) | Associate Name | Operating Revenue (RMB) | Net Profit (RMB) | Total Comprehensive Income (RMB) | | :--- | :--- | :--- | :--- | | Guoneng Xinjiang Aksu Hydropower Development Co., Ltd. | 33,298,592.34 | 13,880,979.62 | 13,880,979.62 | | Guodian Qingsong Turpan New Energy Co., Ltd. | 53,252,167.51 | 218,575.37 | 218,575.37 | | Xinjiang Xijian Qingsong Construction Co., Ltd. | 58,631,947.71 | 345,551.89 | 345,551.89 | Excess Losses Incurred by Joint Ventures or Associates (June 30, 2025) | Joint Venture or Associate Name | Accumulated Unrecognized Losses at Period-end (RMB) | | :--- | :--- | | Guoneng Xibu Energy Qingsong Xinjiang Mining Co., Ltd. | 98,440,530.14 | | Xinjiang Xiyu Pingfu Environmental Engineering Co., Ltd. | 3,387,532.33 | [XI. Government Grants](index=123&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grant-related liability items and their changes at the end of the reporting period, as well as the amount of government grants recognized in current profit or loss, primarily for asset-related and income-related projects Government Grant-Related Liability Items (June 30, 2025) | Financial Statement Item | Beginning-of-period Balance (RMB) | New Grants in Current Period (RMB) | Amount Recognized in Non-operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Period-end Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 30,000-ton Chlorinated Polymer Production Construction Project | 3,327,731.05 | 0.00 | 0.00 | 201,680.67 | 3,126,050.38 | Asset-related | | Innovation Development Award | 5,823,529.40 | 0.00 | 0.00 | 352,941.18 | 5,470,588.22 | Asset-related | | Energy Saving and Emission Reduction Innovation Technical Transformation Project | 50,374,708.21 | 11,426,000.00 | 0.00 | 1,011,141.36 | 60,789,566.85 | Asset-related | | Waste Heat Power Generation Special Fund | 51,859,085.27 | 0.00 | 0.00 | 2,020,702.40 | 49,838,382.87 | Asset-related | | Corps Support for Southern Xinjiang Division Cities Industrial Development Award Fund | 20,487,900.00 | 0.00 | 0.00 | 865,290.01 | 19,622,609.99 | Asset-related | | Total | 144,266,518.60 | 35,621,175.51 | 0.00 | 8,999,565.86 | 170,888,128.25 | / | Government Grants Recognized in Current Profit or Loss (January-June 2025) | Type | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Asset-related | 6,091,820.49 | 7,548,729.75 | | Income-related | 2,907,745.37 | 0.00 | | Total | 8,999,565.86 | 7,548,729.75 | [XII. Risks Related to Financial Instruments](index=124&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section states that the company does not engage in hedging activities for risk management, nor does it apply hedge accounting, and there are no eligible hedging activities for which hedge accounting is not applied - The company does not engage in hedging activities for risk management[337](index=337&type=chunk) - The company does not apply hedge accounting[337](index=337&type=chunk) [XIII. Disclosure of Fair Value](index=125&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section states that the company has not disclosed the fair value of assets and liabilities measured at fair value at the end of the reporting period, nor has it provided information on the basis for determining market prices, valuation techniques, and significant parameters for Level 1, Level 2, and Level 3 fair value measurement items, both recurring and non-recurring - The company has not disclosed the fair value of assets and liabilities measured at fair value at the end of the reporting period[338](index=338&type=chunk) - The company has not disclosed the basis for determining market prices for recurring and non-recurring Level 1, Level 2, and Level 3 fair value measurement items[338](index=338&type=chunk) [XIV. Related Parties and Related Party Transactions](index=126&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section provides detailed information on the company's parent company, subsidiaries, joint ventures, associates, and other related parties, and lists related party transactions during the reporting period, including purchases and sales of goods, provision and acceptance of services, related party leases, and unsettled balances of receivables and payables with related parties - The company's parent company is Xinjiang Zhongxinjian Energy Mining Group Co., Ltd., with a registered capital of **10 billion RMB**, and both its shareholding and voting rights percentages are **22.49%**[340](index=340&type=chunk) - The company's ultimate controlling party is the State-owned Assets Supervision and Administration Commission of Xinjiang Production and Construction Corps[340](index=340&type=chunk) Related Party Transactions for Purchase/Acceptance of Services (January-June 2025) | Related Party | Related Transaction Content | Current Period Amount (RMB) | Approved Transaction Amount (RMB) | | :--- | :--- | :--- | :--- | | Southern Xinjiang Energy (Group) Co., Ltd. | Purchase of goods | 150,965,139.58 | 300,000,000.00 | | Xinjiang Production and Construction Corps Petroleum Co., Ltd. | Purchase of goods | 1,263,151.60 | 6,000,000.00 | | Xinjiang Xibei Xingye Urban Investment Group Co., Ltd. | Purchase of goods | 3,554.70 | 3,000,000.00 | Related Party Transactions for Sale of Goods/Provision of Services (January-June 2025) | Related Party | Related Transaction Content | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | :--- | | Xinjiang Tarim Agricultural Reclamation Co., Ltd. | Sale of goods | 43,929,533.21 | 74,648,667.41 | | Xinjiang Tajian 359 Construction Engineering Co., Ltd. | Sale of goods | 8,764,555.42 | 5,725,097.52 | | Xinjiang Chengshi Trading Co., Ltd. | Sale of goods | 599,728.32 | 0.00 | Key Management Personnel Remuneration (January-June 2025) | Item | Current Period Amount (RMB 10,000) | Prior Period Amount (RMB 10,000) | | :--- | :--- | :--- | | Key Management Personnel Remuneration | 301.13 | 268.93 | Receivables from Related Parties (June 30, 2025) | Project Name | Related Party | Period-end Book Balance (RMB) | | :--- | :--- | :--- | | Accounts Receivable | Xinjiang Tajian 359 Construction Engineering Co., Ltd. | 37,957,084.33 | | Dividends Receivable | Xinjiang Xijian Qingsong Construction Co., Ltd. | 56,559,376.04 | | Dividends Receivable | Kashi Xijian Qingsong Construction Co., Ltd. | 10,126,280.00 | Payables to Related Parties (June 30, 2025) | Project Name | Related Party | Period-end Book Balance (RMB) | | :--- | :--- | :--- | | Accounts Payable | Southern Xinjiang Energy (Group) Co., Ltd. | 30,908,297.36 | | Other Payables | Xinjiang Tarim Construction and Installation Engineering (Group) Co., Ltd. | 288,192.90 | [XV. Share-Based Payments](index=134&type=section&id=XV.%20Share-Based%20Payments) During the reporting period, the company had no share-based payment related matters, including details of equity instruments, outstanding share options or other equity instruments at period-end, equity-settled or cash-settled share-based payment situations, and share-based payment expenses or modifications/terminations - The company had no details of equity instruments in the current period[360](index=360&type=chunk) - The company had no equity-settled share-based payment situations in the current period[360](index=360&type=chunk) - The company had no cash-settled share-based payment situations in the current period[360](index=360&type=chunk) [XVI. Commitments and Contingencies](index=134&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company disclosed significant external commitments, primarily involving a joint venture with Guodian Xinjiang Electric Power Co., Ltd. to establish a mining company for the Dapingtan Coal Mine, which had not yet commenced production by the end of the reporting period; there were no significant contingent matters requiring disclosure at the end of the reporting period - The company jointly invested with Guodian Xinjiang Electric Power Co., Ltd. to establish a mining company, holding a **30.20%** stake, to develop the Dapingtan Coal Mine; as of the end of the period, the project had not yet commenced production[360](index=360&type=chunk) - The company had no significant contingent matters requiring disclosure[361](index=361&type=chunk) [XVII. Events After the Balance Sheet Date](index=135&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) From the end of the reporting period to the approval date of the financial report, the company did not experience any significant non-adjusting events, profit distribution situations, or sales returns, or other events after the balance sheet date - The company had no significant non-adjusting events[361](index=361&type=chunk) - The company had no profit distribution situations[361](index=361&type=chunk) - The company had no sales returns[361](index=361&type=chunk) [XVIII. Other Significant Matters](index=135&type=section&id=XVIII.%20Other%20Significant%20Matters) This section states that during the reporting period, the company did not experience prior period accounting error corrections, significant debt restructurings, asset exchanges, annuity plans, discontinued operations, segment information disclosures, or other significant transactions and matters affecting investor decisions - The company had no prior period accounting error corrections in the current period[361](index=361&type=chunk) - The company had no significant debt restructurings in the current period[361](index=361&type=chunk) - The company had no asset exchanges in the current period[361](index=361&type=chunk) - The company had no discontinued operations in the current period[362](index=362&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=136&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for major items in the parent company's financial statements, including accounts receivable, other receivables, and long-term equity investments, covering aging, impairment provision, nature of amounts, period-end balances, and related party transactions for each item Parent Company Aging Disclosure of Accounts Receivable (June 30, 2025) | Aging | Period-end Book Balance (RMB) | Beginning-of-period Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 61,492,261.10 | 34,537,428.28 | | 1 to 2 years | 1,150,139.18 | 2,034,850.01 | | Over 5 years | 4,092,911.79 | 4,102,461.79 | | Total | 66,735,312.07 | 40,674,740.08 | Parent Company Other Receivables Items (June 30, 2025) | Item | Period-end Balance (RMB) | Beginning-of-period Balance (RMB) | | :--- | :--- | :--- | | Dividends Receivable | 61,378,494.00 | 15,148,254.00 | | Other Receivables | 1,889,828,017.74 | 1,724,036,401.21 | | Total | 1,951,206,511.74 | 1,739,184,655.21 | Parent Company Other Receivables by Nature of Amount (June 30, 2025) | Nature of Amount | Period-end Book Balance (RMB) | Beginning-of-period Book Balance (RMB) | | :--- | :--- | :--- | | Deposits, Guarantees, and Petty Cash | 849,380.00 | 1,028,730.00 | | Receivables from Subsidiaries | 1,857,915,644.13 | 1,689,957,190.40 | | Inter-company Current Accounts | 918,770.07 | 1,032,696.19 | | Receivables for Demolition Compensation | 30,851,052.50 | 30,851,052.50 | | External Unit Loans | 1,995,068.75 | 4,000,110.98 | | Impairment Provision | 2,709,470.33 | 2,833,378.86 | | Total | 1,889,828,017.74 | 1,724,036,401.21 | Parent Company Long-term Equity Investments (June 30, 2025) | Item | Period-end Balance (Book Value) (RMB) | Beginning-of-period Balance (Book Value) (RMB) | | :--- | :--- | :--- | | Investments in Subsidiaries | 7,283,466,295.08 | 7,283,466,295.08 | | Investments in Associates and Joint Ventures | 453,102,901.42 | 522,097,366.41 | | Total | 7,736,569,196.50 | 7,805,563,661.49 | Parent Company Operating Revenue and Operating Costs (January-June 2025) | Item | Current Period Amount - Revenue (RMB) | Current Period Amount - Cost (RMB) | Prior Period Amount - Revenue (RMB) | Prior Period Amount - Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 184,708,065.80 | 113,475,155.69 | 264,445,506.87 | 174,235,550.44 | | Other Businesses | 14,193,171.06 | 7,234,531.67 | 15,270,769.86 | 7,828,530.93 | | Total | 198,901,236.86 | 120,709,687.36 | 279,716,276.73 | 182,064,081.37 | [XX. Supplementary Information](index=149&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses for the current period, return on net assets, and earnings per share, confirming no differences in accounting data under domestic and international accounting standards Current Period Non-Recurring Gains and Losses Details (January-June 2025) | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -206,001.43 | | Government grants recognized in current profit or loss | 8,999,565.86 | | Fund occupation fees received from non-financial enterprises recognized in current profit or loss | 89,687.75 | | Debt restructuring gains and losses | 55,285.72 | | Other non-operating income and expenses apart from the above | 1,734,557.46 | | Less: Income tax impact | -1,088,401.44 | | Minority interests impact (after tax) | -493,363.64 | | Total | 9,091,330.28 | Return on Net Assets and Earnings Per Share (January-June 2025) | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB) | Diluted Earnings Per Share (RMB) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 1.718 | 0.068 | 0.068 | | Net Profit Attributable to Ordinary Shareholders of the Company Excluding Non-Recurring Gains and Losses | 1.576 | 0.063 | 0.063 | - The company has no differences in accounting data under domestic and international accounting standards[404](index=404&type=chunk)

建材行业 行业研究 | 动态跟踪 新藏铁路影响深远，区域水泥投资机会可 期 ——建筑建材行业跟踪点评 核心观点 投资建议与投资标的 市场部分观点认为新藏铁路带来的资本市场投资机会或已过去，更偏短期情绪。但我们 的观点在于，长期来看铁路建设以及后续对于区域经济活力的激发，将持续拉动水泥需 求，由于南疆水泥市场格局较好，可展望价格的进一步上涨，提升企业利润弹性，带来 落实到基本面的投资机会。建议关注在新疆有产能布局的水泥企业，如青松建化 (600425，未评级)、天山股份(000877，未评级)、海螺水泥(600585，未评级)。 风险提示 新疆水泥需求增长不及预期、行业供给端超预期放量、原燃材料价格上涨、假设条件变 化影响测算结果。 国家/地区 中国 行业 建材行业 报告发布日期 2025 年 08 月 26 日 冯孟乾 fengmengqian@orientsec.com.cn 执业证书编号：S0860523070003 | 玻纤仍需"反内卷"，落实效果或可期待： | 2025-07-17 | | --- | --- | | ——建筑建材行业跟踪点评 | | | 地产走弱冲击有限，城市更新有望接力： | 20 ...

通过天眼查大数据分析，新疆青松建材化工(集团)股份有限公司共对外投资了40家企业，参与招投标项 目121次，知识产权方面有商标信息51条，此外企业还拥有行政许可18个。 来源：金融界 青松建化最新一期业绩显示，截至2025一季报，公司营业总收入4.38亿元、同比减少10.93%，归属净利 润5553.10万元，同比减少296.23%，扣非净利润5868.13万元，同比减少240.99%，流动比率1.786、速动 比率1.283、资产负债率29.38%。 天眼查商业履历信息显示，新疆青松建材化工(集团)股份有限公司，成立于2000年，位于自治区直辖县 级行政区划，是一家以从事非金属矿物制品业为主的企业。企业注册资本137879.0086万人民币，实缴 资本12492.75万人民币。公司法定代表人为郑术建。 金融界消息 截至2025年8月25日收盘，青松建化（600425）报收于4.92元，上涨3.8%，换手率17.17%， 成交量236.80万手，成交金额11.53亿元。 资金流向方面，今日主力资金净流出1431.39万元，占比成交额1.24%。其中，超大单净流入2120.97万 元、占成交额1.84%，大单净 ...

Market Performance - The cement sector increased by 2.69% on August 25, with Tianshan Co. leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Individual Stock Performance - Tianshan Co. (000877) closed at 7.24, up 10.03% with a trading volume of 1.8872 million shares and a transaction value of 1.323 billion [1] - Sichuan Jinding (600678) closed at 10.90, up 4.21% with a trading volume of 585,200 shares [1] - Other notable performers include Qingsong Jianhua (600425) up 3.80%, Huaxin Cement (600801) up 2.37%, and Conch Cement (600585) up 1.73% [1] Capital Flow Analysis - The cement sector experienced a net outflow of 132 million from institutional investors and 145 million from speculative funds, while retail investors saw a net inflow of 277 million [2] - Tianshan Co. had a net inflow of 91.7948 million from institutional investors, but a net outflow of 70.9452 million from speculative funds [3] - Sichuan Jinding saw a net inflow of 39.2387 million from institutional investors, with a net outflow of 41.4341 million from retail investors [3]

Investment Rating - The report maintains a positive outlook on the building materials sector, highlighting potential opportunities in both "grouping" and "switching" strategies within the industry [2][11]. Core Insights - The building materials market is experiencing a shift in focus, with technology stocks gaining momentum while the building materials sector presents viable options for investment [2]. - The report emphasizes the importance of monitoring production capacity and quality improvements in key segments such as electronic fabrics and Q fabrics, which are expected to see increased demand due to advancements in AI and PCB technologies [3][4]. - The report identifies a growing confidence in infrastructure projects in regions like Xinjiang and Tibet, driven by government investments and the necessity of transportation infrastructure [11][12]. - The consumer building materials segment is showing signs of recovery, with expectations of improved revenue performance as the market stabilizes [24][25]. Summary by Sections Grouping in Building Materials - The electronic fabric sector is expected to maintain its performance, with leading companies like Zhongcai Technology reporting strong sales and production growth [3]. - The AI industry's production expectations are advancing, with key suppliers anticipating increased output of Q fabrics by the end of the year [4]. - The report highlights the importance of monitoring the production capacity and quality of Q fabrics, which will determine the actual supply capabilities of companies [4]. Switching in Building Materials - Infrastructure projects in Xinjiang and Tibet are gaining traction, with significant government backing and a strong demand for cement due to the region's unique geographical advantages [11][12]. - The consumer building materials sector is entering a recovery phase, with sales and construction data indicating a bottoming out of the market [13][14]. - The report notes that the cement industry is poised for potential growth, driven by policy improvements and governance enhancements [15][29]. Cement Industry - The cement sector is entering a peak season, but market performance remains subdued due to high comparative bases from the previous year [29][30]. - The report emphasizes the importance of policy measures to limit overproduction in the cement industry, which could enhance profitability [30][33]. - Companies like Conch Cement and Huaxin Cement are highlighted for their strong cash flow and potential for shareholder returns [34][38]. Glass Industry - The float glass market is experiencing price stabilization, with environmental regulations expected to impact production costs [40][41]. - The report indicates that the glass industry is facing cash flow challenges, with many companies operating at a loss [42]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market pressures, with a focus on improving operational efficiency [43]. Photovoltaic Glass - The photovoltaic glass segment is seeing a decline in inventory levels, with prices remaining stable amid increased demand from downstream component manufacturers [48]. - The report notes that while domestic prices are under pressure, overseas markets are performing better, which could benefit leading companies in the sector [49]. Fiberglass - The fiberglass market is characterized by a divergence in production and sales, with electronic fabrics maintaining a favorable outlook [50].

Market Overview - On August 22, the cement sector rose by 2.04%, with Tianshan Co. leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Individual Stock Performance - Tianshan Co. (000877) closed at 6.58, up 10.03% with a trading volume of 1.8653 million shares and a transaction value of 1.193 billion [1] - Qingsong Jianhua (600425) closed at 4.74, up 9.98% with a trading volume of 2.006 million shares and a transaction value of 920 million [1] - Xibu Construction (002302) closed at 7.20, up 2.86% with a trading volume of 658,400 shares and a transaction value of 471 million [1] - Other notable performances include: - Qingyun Materials (601992) up 1.82% - Ningxia Building Materials (600449) up 0.99% - Guotong Co. (002205) up 0.91% [1] Capital Flow Analysis - The cement sector saw a net inflow of 227 million in main funds, while retail funds experienced a net outflow of 30.3 million [2] - Main funds showed significant inflows into Tianshan Co. (216 million) and Qingsong Jianhua (214 million), while retail funds showed outflows from several stocks including Tianshan Co. and Guotong Co. [3] Summary of Capital Flow by Stock - Tianshan Co. had a main fund net inflow of 216 million, accounting for 18.12% of total inflows, while retail funds saw a net outflow of 14.42 million [3] - Qingsong Jianhua had a main fund net inflow of 214 million, representing 23.29% of total inflows, with retail funds experiencing a net outflow of 12.6 million [3] - Other stocks like Xibu Construction and Qingyun Materials also showed varied capital flows, with some experiencing net outflows from retail investors [3]

Market Overview - The Shanghai Composite Index closed at 3825.76 points, above the five-day moving average, with an increase of 1.45% [1] - The total trading volume of A-shares reached 25,788.42 billion yuan [1] Stocks Performance - A total of 575 A-shares broke through the five-day moving average today [1] - Stocks with significant deviation rates include: - Aibulu (301259) with a deviation rate of 15.39% and a daily increase of 19.99% [1] - Sanchuan Wisdom (300066) with a deviation rate of 13.32% and a daily increase of 20.06% [1] - Pinggao Co. (688227) with a deviation rate of 13.23% and a daily increase of 19.99% [1] - Other notable stocks with smaller deviation rates include: - Weihede (small deviation rate) just above the five-day moving average [1] - Kaige Precision Machinery (small deviation rate) just above the five-day moving average [1] - Hanlan Environment (small deviation rate) just above the five-day moving average [1]

证券之星消息，8月21日水泥板块较上一交易日上涨0.27%，三和管桩领涨。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。水泥板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 003037 | 三和菅桩 | 9.34 | 3.32% | 42.12万 | | 3.92亿 | | 603616 | 韩建河山 | 6.03 | 2.55% | 53.28万 | | 3.21亿 | | 002233 | 塔牌集团 | 8.93 | 1.71% | 17.19万 | | 1.53亿 | | 002671 | 龙泉股份 | 5.01 | 1.62% | ﯾﺎ 22.19万 | | 1.11亿 | | 600802 | 福建水泥 | 5.60 | 1.27% | 13.06万 | | 7298.41万 | | 000877 | 天山股份 | 5.98 | 1.18% | 81.67万 | | 4.90亿 | | 00040 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - The necessity for "anti-involution" in the cement industry remains, with a competitive landscape characterized by high concentration and state-owned enterprise dominance [1][12] - The cement industry is experiencing a significant oversupply, with a projected capacity utilization rate of only 53% in 2024, indicating a need for supply-side reforms to reduce actual capacity [3][22] - Short-term measures such as peak-shifting production will continue to support the industry, while medium-term strategies will focus on administrative measures to limit overproduction [4][30] Summary by Sections Supply Structure - The cement industry is primarily led by state-owned enterprises, with a concentration ratio (CR10) of 57% and an expected state-owned enterprise capacity share of around 45% in 2024 [1][12] - The top ten cement companies include four state-owned enterprises, which collectively hold about 71% of the capacity, facilitating coordinated efforts to stabilize prices and enhance efficiency [12][1] Industry Profitability - The industry is projected to achieve a total profit of 260 billion yuan in 2024, with a profit margin of approximately 4.1%, although this represents an 86% decline from the peak levels seen in previous years [16][20] - The worst period in early 2024 saw over 55% of companies reporting losses, but a recovery is anticipated in the fourth quarter, with profits expected to reach 150-160 billion yuan in the first half of 2025 [20][16] Supply and Demand Dynamics - The total cement supply has peaked at around 1.81 billion tons, but demand continues to decline, leading to a significant oversupply issue [22][3] - The expected demand bottom is estimated to be between 1.2 to 1.5 billion tons, indicating a potential decline of 18% to 34% from 2024 levels [22][3] Review of Previous Supply-Side Reforms - Previous reforms included a ban on new capacity and the promotion of peak-shifting production, which successfully reduced new clinker capacity additions from a billion-ton level to a few million tons [2][26] - The industry's profit recovery from 518 billion yuan in 2016 to a historical high of 1867 billion yuan in 2019 was largely due to these reforms [2][29] Future Anti-Involution Strategies - The future governance of "anti-involution" will involve a combination of market, administrative, and legal measures, with a strong emphasis on reducing excess capacity through administrative controls [4][30] - The carbon trading policy expected to be implemented by 2027 will further pressure high-emission capacities to exit the market, promoting a shift towards more efficient production methods [33][35]

Group 1 - The latest stock price of Qingsong Jianhua is 4.40 yuan, with an increase of 0.04 yuan compared to the previous trading day. The intraday high reached 4.45 yuan, while the low was 4.37 yuan, with a trading volume of 811,600 hands and a transaction amount of 358 million yuan [1] - Qingsong Jianhua operates in the cement and building materials industry, focusing on the production and sales of cement and ready-mixed concrete. It is a significant building materials company in the Xinjiang region, with a relatively complete production layout [1] - Recent data indicates that Qingsong Jianhua has attracted continuous attention from major funds, having received net purchases from major funds for 18 consecutive trading days as of August 15, ranking among the top in the Shanghai and Shenzhen stock markets. However, on August 18, there was a net outflow of major funds amounting to 16.46 million yuan [1]