Market Overview - The cement sector experienced a decline of 0.2% on November 4, with Shangfeng Cement leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Individual Stock Performance - Hanjian Heshan saw a significant increase of 10.09%, closing at 6.11, with a trading volume of 231,100 shares and a turnover of 141 million yuan [1] - Fujian Cement also rose by 10.00%, closing at 7.81, with a trading volume of 706,200 shares and a turnover of 527 million yuan [1] - Conversely, Shangfeng Cement fell by 1.83%, closing at 10.74, with a trading volume of 152,300 shares and a turnover of 164 million yuan [2] Capital Flow Analysis - The cement sector had a net inflow of 68.57 million yuan from institutional investors, while retail investors saw a net outflow of 93.65 million yuan [2][3] - Notably, Fujian Cement experienced a net inflow of 102 million yuan from institutional investors, but a net outflow of 68.33 million yuan from retail investors [3] - Hanjian Heshan had a substantial net inflow of 77.89 million yuan from institutional investors, with a significant net outflow of 39.61 million yuan from retail investors [3]

Core Viewpoint - Ningxia Building Materials, established in December 1998 and listed in August 2003, is the largest cement and concrete producer in Ningxia, with a complete industrial chain and advanced technology [1] Group 1: Business Overview - The main business includes manufacturing and selling cement, clinker, concrete, and aggregates, categorized under the building materials industry [1] - As of Q3 2025, the company reported revenue of 4.045 billion yuan, ranking 6th in the industry, below the top two competitors, Jinyu Group (69.489 billion yuan) and Conch Cement (61.298 billion yuan), but above the industry median of 3.463 billion yuan [1] - The revenue composition includes transportation services (1.268 billion yuan, 49.61%) and cement and clinker (1.086 billion yuan, 42.50%) [1] - The net profit for the same period was 231 million yuan, ranking 7th in the industry, lower than Conch Cement (6.407 billion yuan) and Huaxin Cement (2.505 billion yuan), but above the industry median of 133 million yuan [1] Group 2: Financial Performance - As of Q3 2025, the asset-liability ratio was 25.55%, down from 32.24% year-on-year, and below the industry average of 44.65% [2] - The gross profit margin for Q3 2025 was 12.41%, an increase from 6.56% year-on-year, but still below the industry average of 20.31% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.04% to 29,300, with an average holding of 16,300 circulating A-shares, an increase of 2.09% [3] - The top circulating shareholders include Southern CSI 1000 ETF (512100) with 2.6257 million shares, down by 20,400 shares, and Hong Kong Central Clearing Limited with 2.2618 million shares, down by 162,400 shares [3]

Core Viewpoint - The company aims to leverage policy benefits from the "Belt and Road Initiative" and "Western Development" to mitigate trade friction risks and support high-quality development amidst recent tariff threats from the U.S. against China [1] Group 1: Strategic Responses - The company will focus on "growth preservation" by driving innovation, seizing opportunities from the "dual carbon" policy, and enhancing green production, energy conservation, and digital transformation [1] - The company plans to accelerate the external business expansion of its digital logistics platform "I Find Car," aiming to improve profitability in the digital logistics sector [1] Group 2: Market Opportunities - The company is optimistic about development opportunities in the current environment, particularly through its strategic initiatives in digital logistics and sustainable practices [1]

Core Insights - Ningxia Building Materials (600449.SH) reported a revenue of 4.045 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 40.27% [1] - The net profit attributable to shareholders was 221 million yuan, showing a year-on-year increase of 29.62% [1] - The non-recurring net profit reached 178 million yuan, reflecting a year-on-year growth of 26.89% [1] - Basic earnings per share stood at 0.46 yuan [1]

Core Viewpoint - Ningxia Building Materials (600449) reported a significant decline in revenue for Q3 2025, indicating potential challenges in the market [1] Financial Performance - Q3 2025 revenue was 1.49 billion yuan, a year-on-year decrease of 39.75% [1] - Q3 2025 net profit was 116 million yuan, a year-on-year decrease of 2.16% [1] - Revenue for the first three quarters of 2025 totaled 4.045 billion yuan, a year-on-year decrease of 40.27% [1] - Net profit for the first three quarters of 2025 was 221 million yuan, a year-on-year increase of 29.62% [1] - Basic earnings per share for the first three quarters of 2025 were 0.46 yuan [1]

第一章 总 则 第一条 为加强宁夏建材集团股份有限公司（以下简称"宁夏建 材"）内部审计工作，建立健全内部审计制度，提升内部审计工作质 量，充分发挥内部审计作用，根据《审计署关于内部审计工作的规定》、 国资委《关于深化中央企业内部审计监督工作的实施意见》《中国建 材集团有限公司内部审计管理办法》和《中国建材股份有限公司内部 审计管理制度》等有关规定，结合宁夏建材实际情况，制定本制度。 第二条 本制度适用于宁夏建材、各级控股子公司（以下简称"各 级子公司"）。 第三条 本制度所称内部审计，是指对宁夏建材及各级子公司 （以下简称"各级公司"）财务收支、经济活动、内部控制和风险管 理实施独立、客观的监督、评价和建议，以促进企业完善治理、实现 目标的活动。 第四条 各级子公司应依照有关法律法规、本制度和内部审计职 业规范，结合本公司实际情况，建立健全内部审计制度，明确内部审 计工作的领导体制、职责权限、人员配备、经费保障、审计结果运用 和责任追究等。 第五条 内部审计机构和内部审计人员从事内部审计工作，应严 格遵守有关法律法规、本制度和内部审计职业规范，忠于职守，做到 独立、客观、公正、保密。内部审计机构和内部审计人 ...

宁夏建材第八届董事会审计委员会第二十八次会议 宁夏建材集团股份有限公司第八届董事会审计委员会 关于第二十八次会议相关议案之审核意见 宁夏建材集团股份有限公司第八届董事会审计委员会第二十八次会议于2025年10 月10日以通讯方式召开，会议审议通过了《宁夏建材集团股份有限公司关于所属部分子 公司发生关联交易的议案》，现就该议案出具以下审核意见： 本次公司所属子公司宁夏青铜峡水泥股份有限公司、中材甘肃水泥有限责任公司、 天水中材水泥有限责任公司、宁夏赛马水泥有限公司、吴忠赛马新型建材有限公司、喀 喇沁草原水泥有限责任公司分别与中建材物资有限公司（以下简称中建材物资）、中建 材国际物产有限公司（以下简称中建材国际物产）、嘉华特种水泥股份有限公司（以下 简称嘉华特种水泥）签署关联交易合同，向中建材物资、中建材国际物产、嘉华特种水 泥销售水泥，是基于公司经营需要确定的。中建材物资、中建材国际物产、嘉华特种水 泥生产经营运行正常，财务情况良好，具备履约能力。本次关联交易价格以市场价格为 依据确定，价格合理，本次关联交易不会对公司的持续经营能力产生影响。同意将该事 项提交公司第八届董事会第三十三次会议审议。 （以下无正文） ...

股票代码：600449 股票简称：宁夏建材 公告编号：2025-022 宁夏建材集团股份有限公司 关于所属部分子公司发生关联交易的公告 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法律责任。 重要内容提示： 关联交易内容：宁夏建材集团股份有限公司（以下简称公司）所属 子公司宁夏青铜峡水泥股份有限公司（以下简称青水股份）、中材甘肃水泥 有限责任公司（以下简称中材甘肃）、天水中材水泥有限责任公司（以下简 称天水中材）、宁夏赛马水泥有限公司（以下简称宁夏赛马）、吴忠赛马新 型建材有限公司（以下简称吴忠赛马）、喀喇沁草原水泥有限责任公司（以 下简称喀喇沁水泥）拟分别与中建材物资有限公司（以下简称中建材物资）、 中建材国际物产有限公司（以下简称中建材国际物产）、嘉华特种水泥股份 有限公司（以下简称嘉华特种水泥）发生销售产品关联交易，累计发生关 联交易金额不超过 18,359 万元。 本次交易已经公司第八届董事会第六次独立董事专门会议、第八届 董事会审计委员会第二十八次会议、第八届董事会第三十三次会议审议通 过。本次交易无需提交公司股东会审议。 ...

宁夏建材集团股份有限公司第八届董事会第三十三次会议通知和材料于2025年10月10 日以通讯方式送达。公司于2025 年10 月20 日下午13:30 以现场与视频相结合方式召开第 八届董事会第三十三次会议，会议应参加董事7 人，实际参加董事7 人，符合《公司法》及 《公司章程》的规定。会议由董事长王玉林主持，经与会董事审议，通过以下决议： 一、审议并通过《宁夏建材集团股份有限公司2025 年第三季度报告》（有效表决票数7 票，7 票赞成，0 票反对，0 票弃权）。 详情请阅公司于2025 年10 月21 日在中国证券报、上海证券报、证券时报及上海证券交 易所网站（http://www.sse.com.cn）披露的《宁夏建材集团股份有限公司2025 年第三季度报 告》。 该议案在提交公司董事会审议前已经公司第八届董事会审计委员会第二十八次会议审 议通过。 股票代码：600449 股票简称：宁夏建材 公告编号：2025－021 宁夏建材集团股份有限公司 第八届董事会第三十三次会议决议公告 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法律 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 1,490,014,559.44, a decrease of 39.75% compared to the same period last year[3] - The total profit for the third quarter was CNY 142,309,058.40, reflecting a slight increase of 1.28% year-on-year[3] - The net profit attributable to shareholders was CNY 115,787,522.03, down 2.16% from the previous year[3] - The company reported a significant decrease in operating revenue for the year-to-date period, down 40.27% to CNY 4,045,478,662.27[3] - Total operating revenue for the first three quarters of 2025 was CNY 4,045,478,662.27, a decrease of 40.4% compared to CNY 6,772,632,934.84 in the same period of 2024[20] - Operating profit for the first three quarters of 2025 increased to CNY 277,144,758.36, compared to CNY 204,965,010.51 in 2024, reflecting a growth of 35%[20] - Net profit for the first three quarters of 2025 was CNY 278,237,262.55, up from CNY 199,027,167.66 in 2024, indicating a growth of 39.9%[20] - The net profit for the first three quarters of 2025 reached CNY 231,305,555.62, an increase of 33.3% compared to CNY 173,608,283.34 in the same period of 2024[21] - Net profit for the first three quarters of 2025 was CNY 232,178,699.79, compared to CNY 11,437,201.80 in the first three quarters of 2024, reflecting a substantial growth[30] Cash Flow and Liquidity - The net cash flow from operating activities increased by 102.28% to CNY 302,662,132.42[3] - Cash flow from operating activities for the year-to-date period was 114.96 million, as the decline in cash received from sales was less than the decline in cash paid for purchases[9] - Cash received from investment redemptions increased to 122.22 million, driven by higher redemptions of structured deposit financial products[9] - The operating cash flow for the first three quarters of 2025 was CNY 658,166,400.45, up from CNY 306,181,932.10 in the previous year, representing a growth of 115.5%[24] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 123,361,486.15, a turnaround from a negative cash flow of CNY -366,917,800.10 in the same period of 2024[33] - The total cash and cash equivalents at the end of September 2025 amounted to CNY 1,799,293,522.69, compared to CNY 980,151,503.56 at the end of 2024, indicating an increase of 83.4%[25] - Cash and cash equivalents at the end of the third quarter of 2025 totaled CNY 1,740,486,711.63, up from CNY 900,531,511.22 at the end of the third quarter of 2024[34] - The company reported cash inflows from investment activities of CNY 4,640,967,674.90 in the first three quarters of 2025, significantly higher than CNY 2,091,733,442.25 in the same period of 2024[24] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 10,436,675,685.01, a decrease of 1.72% from the end of the previous year[4] - Total assets as of September 30, 2025, were CNY 10,436,675,685.01, a slight decrease from CNY 10,618,963,806.74 at the end of 2024[18] - Total liabilities decreased to CNY 2,666,827,136.03 as of September 30, 2025, from CNY 2,963,858,822.65 at the end of 2024, a reduction of 10%[18] - The total assets increased to CNY 9,826,414,666.07 as of the end of the reporting period, compared to CNY 9,603,707,961.66 at the end of the previous period[28] - Total liabilities amounted to CNY 2,874,517,630.13, an increase from CNY 2,783,571,606.69 in the previous period[28] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 29,346[12] - The largest shareholder, China National Building Material Group Corporation, holds 49.03% of the shares[12] Investment and Income - Investment income for the year-to-date period increased to 63.60 million due to higher redemption gains from structured deposits[9] - Share of profit from associates and joint ventures rose to 33.96 million, attributed to increased profits from joint ventures[9] - Total profit for the year-to-date period reached 39.80 million, reflecting an increase in operating profit[9] - The company reported a significant increase in asset disposal gains, amounting to 964.70 million, due to higher gains from fixed asset disposals[9] - The company reported an investment income of CNY 255,492,242.62 for the first three quarters of 2025, a notable increase from CNY 19,333,595.73 in the same period of 2024[30] Expenses - The basic earnings per share for the quarter was CNY 0.24, a decrease of 4.00% compared to the same period last year[4] - Research and development expenses for the first three quarters of 2025 were CNY 22,124,745.13, down 19.3% from CNY 27,368,208.44 in 2024[20] - The cash outflow for purchasing fixed assets and other long-term assets was CNY 62,637,026.60 in 2025, down from CNY 77,076,711.84 in 2024, indicating a decrease of 18.6%[25] - The financial expenses showed a significant improvement, with a net financial income of CNY 8,446,874.49 in the first three quarters of 2025, compared to a loss of CNY 14,044,125.54 in the same period of 2024[30] Other Comprehensive Income - The company’s other comprehensive income attributable to minority shareholders increased to CNY 9,871,974.38 from CNY 2,771,834.75, marking a growth of 256.5%[21] Accounting Standards - The new accounting standards or interpretations will be implemented starting from 2025, affecting the financial statements from the beginning of that year[35]