Core Viewpoint - Conch Cement's stock increased by 0.65% on April 1, with a trading volume of 4.51 billion yuan and a market capitalization of 123.527 billion yuan [1][11]. Group 1: Company Overview - Anhui Conch Cement Co., Ltd. was established on September 1, 1997, and listed on February 7, 2002. The company is primarily engaged in the production and sales of cement, clinker, and aggregates [19]. - The revenue composition of Conch Cement includes 84.11% from cement and cement products sales, 12.28% from other materials, and 3.61% from service income [19]. - As of February 28, the number of shareholders is 208,300, a decrease of 15.99% from the previous period, with an average of 0 circulating shares per person [19]. Group 2: Financial Performance - For the fiscal year 2025, Conch Cement reported a revenue of 82.532 billion yuan, a year-on-year decrease of 9.33%, while the net profit attributable to shareholders increased by 5.42% to 8.113 billion yuan [19]. - The company has distributed a total of 83.985 billion yuan in dividends since its A-share listing, with 17.922 billion yuan distributed over the past three years [20]. Group 3: Shareholder and Institutional Holdings - The top ten circulating shareholders include Central Huijin Asset Management and China Securities Finance Corporation, indicating significant institutional ownership [3][10]. - As of December 31, 2025, Hong Kong Central Clearing Limited is the third-largest shareholder with 151 million shares, a decrease of 5.333 million shares from the previous period [20]. Group 4: Market Activity and Trends - The main net inflow of funds on the day was 46.1008 million yuan, accounting for 0.1% of the total, with the industry ranking second out of 21 [4][14]. - The average trading cost of the stock is 23.84 yuan, with the current price approaching a resistance level of 23.49 yuan, indicating potential for upward movement if this level is breached [7][18].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to benefit from declining costs, leading to a recovery in annual performance [5] - Despite facing pressure on revenue due to negative growth in national fixed asset investment and a continued downturn in real estate, the company managed to achieve a year-on-year increase in net profit due to cost reductions [7] - The fourth quarter of 2025 saw a significant drop in net profit compared to revenue, primarily due to high base effects and asset impairment losses [7] Financial Performance Summary - For the fiscal year 2025, the company reported revenue of 825.32 billion yuan, a year-on-year decrease of 9.33%, while net profit attributable to shareholders was 81.13 billion yuan, an increase of 5.42% [7] - The company’s gross margin for Q4 2025 was 23.77%, stable compared to the previous quarter but down 4.38 percentage points year-on-year [7] - The company’s revenue from cement and clinker showed a decline of 7.88% year-on-year, while the gross margin improved by 3.30 percentage points [7] - The company’s earnings per share (EPS) for 2026 is projected to be 1.58 yuan, with a price-to-earnings (P/E) ratio of 14.68 [6] Earnings Forecast and Valuation - The company’s projected net profits for 2026, 2027, and 2028 are 83.59 billion yuan, 110.89 billion yuan, and 139.52 billion yuan respectively [7] - The corresponding P/E ratios for these years are expected to be 15, 11, and 9 times [7] - Revenue is expected to grow at a rate of 5.13% in 2026, 5.24% in 2027, and 5.50% in 2028 [8]

Investment Rating - The investment rating for the company is "Buy-A/Buy-H" with a current price of 23.42 CNY and a reasonable value of 30.16 CNY for A-shares and 30.09 HKD for H-shares [4]. Core Views - The company reported a net profit attributable to shareholders of 8.1 billion CNY in 2025, representing a year-on-year increase of 5.4%. The net profit for Q4 was 1.81 billion CNY, down 27.6% year-on-year and 6.6% quarter-on-quarter [8][9]. - The company benefits from a decline in coal prices, leading to a slight increase in profitability for cement, while aggregate and concrete gross profits decreased by 2.4% [10]. - Capital expenditures are expected to decrease, with a cash dividend of 4.486 billion CNY in 2025, reflecting a slight increase in the dividend payout ratio to 55% [13]. - The company is projected to have a net profit of 9.1 billion CNY in 2026, with corresponding P/E ratios of 13.5, 11.0, and 9.5 for 2026, 2027, and 2028 respectively [14]. Summary by Sections Financial Performance - Revenue for 2025 was 82.532 billion CNY, with a growth rate of -9.3%. EBITDA was 17.534 billion CNY, and net profit attributable to shareholders was 8.113 billion CNY, with a growth rate of 5.4% [2][18]. - The company’s earnings per share (EPS) for 2025 was 1.53 CNY, with a projected increase to 1.71 CNY in 2026 [18]. Business Segments - Cement and clinker sales volume in 2025 was 265 million tons, down 1.13% year-on-year, with an average price of 230 CNY per ton, a decrease of 16 CNY year-on-year [10]. - Aggregate revenue was 4.2 billion CNY, down 10% year-on-year, while concrete revenue increased by 20% to 3.2 billion CNY, with a gross profit margin of 12.4% [10]. Capital Expenditure and Dividends - Capital expenditure for 2025 was 11 billion CNY, with a planned increase to 11.8 billion CNY in 2026, significantly lower than the levels from 2021 to 2024 [13]. - The company’s cash dividend for 2025 was 4.486 billion CNY, with a payout ratio of 55%, indicating a slight increase from the previous year [13]. Profitability Outlook - The company is expected to maintain a net profit of approximately 30 CNY per ton in 2024-2025, with a potential improvement in profitability in 2026 due to supply-side adjustments [13][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The report highlights that the company's profitability is recovering due to declining costs, with a record high dividend payout ratio of 55% [4][5] - The company achieved a revenue of 82.53 billion yuan in 2025, a year-on-year decrease of 9.33%, while the net profit attributable to shareholders increased by 5.42% to 8.11 billion yuan [4][5] - The report anticipates stable sales volume for 2026, with a projected capital expenditure of 11.82 billion yuan primarily for main business development and industry chain extension [5] Financial Performance Summary - Revenue and Profitability: - 2025 revenue: 82.53 billion yuan, down 9% year-on-year - 2025 net profit: 8.11 billion yuan, up 5% year-on-year - 2025 gross profit margin: 24.2% [4][6] - Sales Volume and Pricing: - 2025 cement and clinker sales volume: 26.5 million tons, down 1.13% year-on-year - Average selling price of cement: 230 yuan/ton, down 6.37% year-on-year - Cost of cement production: 166 yuan/ton, down 11.13% year-on-year [5][6] - Future Earnings Forecast: - Projected net profit for 2026: 8.79 billion yuan - Projected net profit for 2027: 10.31 billion yuan - Projected net profit for 2028: 11.89 billion yuan [1][6] Market Position and Strategy - The company is expanding its overseas operations, with significant revenue growth from international markets, particularly in Cambodia [5] - The company is diversifying its business into aggregates, ready-mixed concrete, and other construction materials, enhancing its operational structure [5] - The current price-to-book (P/B) ratio is 0.65, indicating a favorable valuation compared to historical levels [5]

Core Viewpoint - The company, Anhui Conch Cement Co., Ltd., is set to hold an annual performance briefing for the year 2025 on April 8, 2026, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The performance briefing will take place on April 8, 2026, from 15:00 to 17:00 [5][6]. - The meeting will be conducted via video and online interaction, allowing for real-time communication with investors [3][6]. - Participants from the company will include the executive director, general manager, and relevant management personnel from the finance department and board secretary's office [4]. Group 2: Investor Participation - Investors can participate in the meeting by logging into the Shanghai Stock Exchange Roadshow Center online [5][6]. - A question collection period is open from March 31, 2026, to April 7, 2026, where investors can submit their inquiries [2][5]. - The company will address commonly asked questions during the briefing [2][7].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 27.41 CNY per share [2][8]. Core Insights - In 2025, the company achieved a total revenue of 82.532 billion CNY, a year-on-year decrease of 9.33%. However, the net profit attributable to shareholders increased by 5.42% to 8.113 billion CNY, and the net profit excluding non-recurring items rose by 3.03% to 7.588 billion CNY [2][4]. - The fourth quarter saw a revenue of 21.234 billion CNY, down 7.19% year-on-year but up 6.14% quarter-on-quarter. The net profit for Q4 was 1.809 billion CNY, a decrease of 27.59% year-on-year and 6.61% quarter-on-quarter [2][4]. - The report highlights that despite a decline in revenue due to market pressures, the company's operational efficiency and cost control measures led to an improvement in profitability, with gross and net profit margins increasing [8]. Financial Performance Summary - The company's total revenue is projected to slightly decline to 81.793 billion CNY in 2026, with a forecasted growth of 1.8% in 2027 and 3.6% in 2028 [4]. - The net profit is expected to grow significantly, reaching 9.683 billion CNY in 2026, 11.359 billion CNY in 2027, and 12.820 billion CNY in 2028, reflecting growth rates of 19.4%, 17.3%, and 12.9% respectively [4][9]. - Earnings per share (EPS) are projected to increase from 1.53 CNY in 2025 to 2.42 CNY by 2028, with corresponding price-to-earnings (P/E) ratios decreasing from 15x to 10x over the same period [4][9]. Industry Context - The report notes a continued decline in industry demand, with national fixed asset investment (excluding rural households) decreasing by 3.8% in 2025, particularly in infrastructure and real estate sectors [8]. - The average market price for cement fell by 4.4% year-on-year, contributing to the overall revenue decline in the cement industry [8]. - Despite these challenges, the company has demonstrated resilience through effective cost management and operational improvements, positioning itself favorably within the industry [8].

安徽海螺水泥股份有限公司 ANHUI CONCH CEMENT COMPANY LIMITED （在中華人民共和國註冊成立之股份有限公司） （股份代號：00914） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作出。 茲載列安徽海螺水泥股份有限公司在上海證券交易所網站刊登的《關於召開 2025 年 度業績說明會的公告》，僅供參閱。 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 安徽海螺水泥股份有限公司 聯席公司秘書 虞水 中國安徽省蕪湖市 二零二六年三月三十日 截至此公告日，本公司董事會成員包括 (i) 執行董事楊軍先生、朱勝利先生、李群峰 先生、虞水先生及吳鐵軍先生； (ii) 獨立非執行董事屈文洲先生、何淑懿女士及韓旭 女士； (iii) 職工董事凡展先生。 证券代码：600585 证券简称：海螺水泥 公告编号：临 2026-13 Anhui Conch Cement Company ...

重要内容提示： 会议问题征集：投资者可于 2026 年 3 月 31 日（星期二）至 4 月 7 日（星期 二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dms@chinaconch.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 安徽海螺水泥股份有限公司（以下简称"公司"）已于 2026 年 3 月 24 日收市 后在上海证券交易所（以下简称"上交所"）网站发布公司 2025 年度报告，在香港 联合交易所有限公司及本公司网站发布 2025 年度业绩公告。为便于广大投资者更加 全面深入地了解公司 2025 年度经营成果、财务状况，公司计划于 2026 年 4 月 8 日 （星期三）15:00-17:00 举行 2025 年度业绩说明会，在信息披露允许的范围内就广大 投资者普遍关心的问题进行交流。 一、说明会类型 证券代码：600585 证券简称：海螺水泥 公告编号：临 2026-13 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 关于召开 2025 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内 ...

Summary of China Commodities Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the commodities sector in China, particularly metals such as copper, aluminum, steel, and lithium, along with their demand trends and supply chain dynamics [1][2][3]. Key Insights Demand Trends - **Post-CNY Demand**: Demand has been softer than expected post-Chinese New Year (CNY), with many downstream sectors anticipating a flat outlook for 2026E in best-case scenarios. Despite elevated metal prices, end-user consumption has shown resilience [3][38]. - **Sector Performance**: Strong growth is noted in energy transition-related sectors, including grid investment, power equipment, and energy storage. However, sectors like automotive, appliances, and construction are experiencing weaker growth [3][22]. - **Construction Sector**: Infrastructure construction demand has surprised on the downside, with a potential stabilization expected in 2H26 due to policy support [3][44]. Supply Chain Dynamics - **Middle East Crisis Impact**: The crisis has contained direct export demand from China to the Middle East, with no significant disruption in energy supply or other supply chains. However, there are risks of disruption in chemicals as raw materials for manufacturers [4][57][58]. - **Chemical Supply Risks**: A major power cable manufacturer reported risks of production halts due to shortages of key chemical raw materials, exacerbated by the Middle East crisis [11][59]. Metal Substitutions - **Substitution Trends**: There is an ongoing trend of substituting copper with aluminum in various applications, including power cables and air conditioners. If full substitutions occur, it could lead to a 6% reduction in Chinese copper demand and an 8% reduction in aluminum demand [13][66][69]. - **Technical Feasibility**: While substitutions are technically feasible, challenges remain, particularly in air conditioning and energy storage systems [71][72]. Forecast Adjustments - **Revised Demand Estimates**: The forecast for China commodity demand growth in 2026E has been adjusted to a range of -2.8% to +0.7%, down from -1.3% to +2.0% in previous estimates. The largest cuts are in copper due to increased substitution and weak construction market conditions [14][63]. - **Aluminum Demand**: The estimate for aluminum demand growth remains mostly unchanged at +0.7% [63]. Additional Insights - **Investment in Energy Transition**: The state grid investment plan suggests a consistent growth rate of 8-9% CAGR, with significant investments in basic infrastructure and equipment upgrades [22][28]. - **Domestic Energy Storage Market**: The domestic energy storage market is expected to grow significantly, with a target of 300-450GW capacity by 2030, although the growth rate for copper demand may lag behind overall investment growth [31][35]. - **Inventory Levels**: Current inventory levels for various commodities are mostly within normal ranges, with some exceptions like appliances and property inventory being higher than normal due to slow sales [49][50][53]. Conclusion - The outlook for the commodities sector in China is characterized by a mix of resilience in certain sectors and challenges in others, particularly in construction and traditional metal demand. The ongoing trends in metal substitutions and the impact of geopolitical events like the Middle East crisis are critical factors influencing future demand and supply dynamics.

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector [2] Core Views - The report emphasizes the importance of focusing on high-performing stocks as the first quarter earnings report window approaches, particularly in the fiberglass sector, which is expected to see continued performance growth due to rising prices of electronic fabrics [8][10] - The report highlights the impact of rising crude oil prices on raw material costs, suggesting that companies with strong pricing power and the ability to pass on costs will perform better [9][13] - The report identifies potential investment opportunities in companies that are less affected by raw material price fluctuations, such as Qingniao Fire Protection and Rabbit Baby, as well as those in the waterproof and coating sectors that are implementing price increases [9][13] Summary by Sections Cement - The cement market is gradually recovering, with a national shipment rate of 39% as of March 27, 2026, reflecting a 7.5 percentage point increase from the previous month [26][28] - The average price of cement is approximately 345 RMB/ton, with slight increases in various regions due to rising transportation and production costs [26][34] - Recommended companies include Huaxin Cement and Conch Cement, with attention to Tapai Group and Tian Shan Shares [34] Glass - Float glass inventory has decreased slightly to approximately 6,512 million weight boxes, with a price increase to 1,196 RMB/ton [35] - The report notes that the supply of float glass is expected to contract further, leading to potential price stabilization [35] - Companies to watch include Qibin Group and Xinyi Glass, as the market may be nearing a price bottom [13] Fiberglass - The demand for electronic fabrics remains strong, with prices for 7628 electronic fabrics around 5.4-6 RMB/meter, and expectations for further price increases [11][35] - The report recommends China Jushi as a key player in the fiberglass sector, with additional attention to International Composite Materials and Longhai Shares [10][11] Carbon Fiber - Carbon fiber prices have stabilized, with new demand expected from the rapid development of commercial aerospace [11] - Companies like Zhongfu Shenying and Guangwei Composites are highlighted for their potential in high-end applications [11]