证券代码：600585 证券简称：海螺水泥 公告编号：临 2026-05 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 董事会决议公告 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责任。 安徽海螺水泥股份有限公司（"本公司"或"公司"）第十届董事会第三次会 议于二〇二六年三月二十四日在本公司会议室召开，应到董事 9 人，实到董事 9 人。 本次会议由公司董事长杨军先生主持，公司部分高级管理人员列席了会议。本次会 议的召开符合《公司法》和本公司《公司章程》的规定，会议程序及所作决议合法 有效。本次会议通过如下决议： 一、审议通过本公司 2025 年度总经理报告以及 2026 年度经营计划和目标。 表决情况：同意 9 票，反对 0 票，弃权 0 票。 二、审议通过本公司 2025 年度报告（包括董事会报告）及其摘要、业绩公告， 并同意将董事会报告提呈 2025 年度股东周年大会审议批准。 表决情况：同意 9 票，反对 0 票，弃权 0 票。 本议案已经董事会审核委员会审议通过并同意提呈 ...

安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 2025 年度末期利润分配方案公告 股票简称：海螺水泥 股票代码：600585 公告编号：临 2026-07 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： 每股分配比例：每股派发现金红利人民币 0.61 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本（扣除公司回购专 用证券账户中的股份）为基数，股权登记日具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分配比例不 变，相应调整分配总额，并将另行公告具体调整情况。 未触及《上海证券交易所股票上市规则》（以下简称《股票上市规则》） 第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 本次利润分配方案尚需提交公司 2025 年度股东周年大会审议通过后方可 实施。 一、2025 年度末期利润分配方案内容 经安永华明会计师事务所（特殊普通合伙）审计，按照中国会计准则，截至 2025 年 12 ...

Group 1 - The core viewpoint of the announcement indicates that the company's revenue for 2025 is projected to be 82.532 billion yuan, representing a year-on-year decrease of 9.33% [1] - The net profit for the same period is expected to be 8.113 billion yuan, showing a year-on-year increase of 5.42% [1]

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1]. Core Insights - The geopolitical situation in the Middle East has led to a surge in oil prices, which, combined with unexpected inflation in the U.S., has accelerated the expectations for stagflation and interest rate hikes, causing risk assets to decline. However, the resilience of China's supply chain is expected to support economic recovery [2]. - In the first two months, China's infrastructure investment increased by 11.4% year-on-year, with power investment rising by 13%. The AI technology revolution continues to drive economic transformation [2]. - The domestic construction materials sector, particularly engineering materials, is still at low profitability levels despite a gradual price recovery since the second half of 2025. Major companies are willing to push for further price increases this year [2]. - Short-term focus should be on dividend value stocks and cyclical products that can increase prices, such as companies in the construction materials sector [2]. - The report highlights the potential for recovery in the construction materials sector, with expectations for improved gross margins and profitability in the real estate chain in 2026 [2]. Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - **Cement**: The national average price for high-standard cement is 339.3 CNY/ton, up by 2.3 CNY/ton from last week but down by 56.5 CNY/ton year-on-year. The average cement inventory ratio is 61.8%, down by 0.7 percentage points from last week but up by 4.6 percentage points year-on-year [5][24]. - **Glass**: The average price for float glass is 1193.8 CNY/ton, an increase of 16.4 CNY/ton from last week but down by 109.0 CNY/ton year-on-year. The inventory of float glass is 6,582 million weight boxes, down by 181 million weight boxes from last week [5][47][51]. - **Fiberglass**: The price for non-alkali roving is stable, with mainstream transaction prices between 3500-3800 CNY/ton. The average price for electronic yarn G75 remains stable at 11,000-11,700 CNY/ton [5][58]. 2. Industry Dynamics Tracking - The construction materials sector has experienced a decline of 7.95% this week, while the Shanghai and Shenzhen 300 indices fell by 2.19% and 4.13%, respectively, indicating an underperformance of 5.76% and 3.82% [5]. - The report suggests that the supply-side adjustments in the cement industry will continue, with a focus on eliminating outdated capacity and improving utilization rates [6]. - The glass industry is expected to see price elasticity in 2026 due to accelerated supply clearance, although current high inventory levels may limit immediate price rebounds [6]. 3. Weekly Market Review and Sector Valuation Table - The report provides a detailed review of price changes, inventory levels, and production capacity across various regions for cement and glass, indicating regional disparities in price movements and inventory management [5][19][24][46].

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Insights - The report emphasizes that domestic demand may temporarily become a low-volatility safe asset allocation direction, especially in light of external uncertainties from conflicts such as the US-Iran situation. It suggests focusing on two areas: 1) The cement sector is expected to reach a turning point in the current down cycle around mid-year, presenting pre-investment value; 2) The central urban work conference has initiated a significant era of urban renewal, with an average annual underground pipeline investment expected to reach 1 trillion yuan during the 14th Five-Year Plan, which is over three times that of 2024 [4][5][15]. Section Summaries 1. Sector Tracking - The construction materials index (Shenwan) fell by 7.9%, with sub-sectors like cement, glass fiber, and renovation materials dropping by 7.3%, 10.0%, and 6.5% respectively. Notable stock movements included Jingang Photovoltaic (+6.4%) and China Jushi (-13.2%) [9]. 2. Data Tracking 2.1 Cement - The average price of 42.5 cement nationwide is 339.3 yuan/ton, up by 2.3 yuan/ton month-on-month but down by 56.5 yuan/ton year-on-year. The national cement inventory ratio is 61.8%, down by 0.7 percentage points month-on-month and up by 4.6 percentage points year-on-year [16]. 2.2 Float Glass - The average price of 5mm float glass is 1281.8 yuan/ton, up by 12.8 yuan/ton month-on-month but down by 134.3 yuan/ton year-on-year. The total inventory of key production enterprises in 13 provinces is 67.63 million heavy boxes, down by 3.0% month-on-month and up by 8.0% year-on-year [33]. 2.3 Photovoltaic Glass - The average price for 2.0mm coated photovoltaic glass is 10.2 yuan/square meter, unchanged month-on-month but down by 3.6 yuan/square meter year-on-year. The inventory days for photovoltaic glass have increased to 42.87 days, up by 1.7% month-on-month and 48.5% year-on-year [38]. 2.4 Glass Fiber - The average price of non-alkali glass fiber yarn is 4615.0 yuan/ton, unchanged month-on-month but down by 135.0 yuan/ton year-on-year. The average price of electronic yarn is 11000.0 yuan/ton, unchanged month-on-month but up by 1900.0 yuan/ton year-on-year [45]. 2.5 Carbon Fiber - The average price of large tow carbon fiber is 73.0 yuan/kg, unchanged month-on-month but up by 0.5 yuan/kg year-on-year. The average operating rate of carbon fiber enterprises is 73.01%, up by 0.16 percentage points month-on-month and 17.02 percentage points year-on-year [49].

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector [2] Core Views - The continuous rise in crude oil prices has significantly impacted the cost structure of various segments within the construction materials industry, leading to increased pressure on companies to pass on these costs to consumers [7][17] - The report highlights that leading companies in the waterproofing and architectural coatings sectors have demonstrated the ability and willingness to raise prices in response to rising costs, indicating an improved competitive landscape [27][31] Summary by Sections 1. Impact of Rising Crude Oil Prices on Construction Materials - Crude oil prices have surged, with Brent crude reaching $117.45 per barrel, marking a 65.1% increase since March [7][17] - The waterproofing industry is particularly affected, with key raw materials like asphalt and polyether seeing price increases of 34% and 36% respectively, leading to a cost impact of 7.5% to 11.2% on companies [21][24] - In the architectural coatings sector, the main raw material, emulsion, has also seen significant price hikes, contributing to an overall cost increase of 8.6% [28][33] - The plastic pipe industry has experienced raw material price increases of 28% for PVC and 19% for PPR, resulting in a cost impact of approximately 20% and 13.7% respectively [34][36] - The float glass industry has faced rising costs due to increased prices of fuel oil and petroleum coke, with production costs exceeding those of natural gas [10][40] 2. Market Review - The construction materials sector has seen a decline of 6.86%, underperforming the CSI 300 index by 4.7 percentage points [41][43] - The cement and glass sectors both reported a 7.3% decline, while the fiberglass sector saw a 10.6% drop [41][42]

Market Performance - The construction materials sector saw a decline of 7.56% last week, while the Shanghai Composite Index fell by 2.19%[5] - Fiberglass experienced the most significant drop at -11.02%[5] Company Ratings - Key companies such as Qibin Group, Dongfang Yuhong, and China National Building Material are rated as "Buy" with respective PE ratios of 47.10, 325.71, and 37.09 for 2024A[4] - China National Building Material has the highest market capitalization at ¥906.71 billion[4] Investment Strategy - The report maintains a "Positive" investment rating, anticipating improvements in domestic demand and a potential recovery in construction investment in March and April[3] - Recommended stocks include Qibin Group, Conch Cement, and China National Building Material, which are expected to benefit from cost pass-through and demand recovery[5][29] Risks - Potential risks include macroeconomic downturns, unexpected declines in the real estate market, and rising raw material prices, which could negatively impact company performance[32]

Core Insights - The report highlights that the rapid increase in costs is exceeding expectations, which is beneficial for leading companies in the building materials sector to pass on costs and gain market share [10][11] - The report suggests that the consumption building materials sector is seeing prices stabilize before volumes, indicating potential alpha opportunities in leading companies [25][26] Cost Increases and Market Dynamics - The Brent crude oil price has surged from $61 per barrel on January 1, 2026, to $117 per barrel by March 20, 2026, marking a 92% increase [10] - Key raw materials for waterproofing, coatings, and plastic pipes, which are by-products of oil processing, have seen significant price increases, with current prices compared to the beginning of the year showing increases of 16% for asphalt, 140% for acrylic, 21% for PPR, 26% for PVC, 31% for HDPE, and 32% for natural gas [10][11] - Leading companies are able to implement price increases more effectively due to their scale and cash flow advantages, which allows them to clear out smaller competitors [11][12] Consumption Building Materials - The consumption building materials sector is expected to see stable long-term demand, with an increasing concentration in the industry and significant growth potential for quality leading companies [25][26] - The report notes that the real estate sector is still in a downturn, but leading companies are showing resilience, with price increases in waterproofing and coatings becoming more widespread [25][26] Cement Market - The national cement market price has increased by 0.7% week-on-week, with the average price reaching 339 RMB per ton as of March 20, 2026 [25][26] - The report indicates that the cement industry is currently at a historical low in terms of valuation, suggesting potential for recovery [25][26] Glass Market - The report states that float glass prices are fluctuating, while photovoltaic glass transactions are stable [25][26] - The average price of float glass is reported at 1198 RMB per ton, with a year-on-year decrease of 8% [25][26] Fiberglass and Composite Materials - The fiberglass market is experiencing stable prices after recent increases, with electronic yarn prices also showing positive trends [25][26] - The report emphasizes the competitive advantage of leading companies in the fiberglass sector, such as China Jushi and Zhongcai Technology [27] Investment Recommendations - The report recommends focusing on leading companies such as Dongfang Yuhong, Sankeshu, China Liansu, and others for potential investment opportunities due to their strong market positions and ability to navigate cost pressures [12][25][26]

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 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） 關連交易及持續關連交易：接受工程項目設計與技術服務、礦山基建項目 工程設計與施工服務、SCR 脱硝技改服務、分佈式光伏項目 EPC 服務及 除氯系統技改服務 工程項目設計與技術服務 二零二六年三月二十日，本公司（為其自身及代表其相關附屬公司）與海螺設計院簽 署《工程項目設計與技術服務合同》，根據該合同，海螺設計院將為本公司若干附屬 公司的骨料、機制砂、商砼、幹混砂漿項目、輥壓機技改項目、大型專項改造項目、 工程諮詢服務等項目提供工程設計及/或技術改造服務，合同價格為人民幣 10,584 萬 元。 二零二五年十二月五日，本公司附屬公司海螺環保（為其自身及代表其相關附屬公司） 與海螺設計院簽署《工程設計服務框架協議》，根據該協議，於二零二六年度 ...

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 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） 關連交易及持續關連交易：接受工程項目設計與技術服務、礦山基建項目 工程設計與施工服務、SCR 脱硝技改服務、分佈式光伏項目 EPC 服務及 除氯系統技改服務 工程項目設計與技術服務 二零二六年三月二十日，本公司（為其自身及代表其相關附屬公司）與海螺設計院簽 署《工程項目設計與技術服務合同》，根據該合同，海螺設計院將為本公司若干附屬 公司的骨料、機制砂、商砼、幹混砂漿項目、輥壓機技改項目、大型專項改造項目、 工程諮詢服務等項目提供工程設計及/或技術改造服務，合同價格為人民幣 10,584 萬 元。 二零二五年十二月五日，本公司附屬公司海螺環保（為其自身及代表其相關附屬公司） 與海螺設計院簽署《工程設計服務框架協議》，根據該協議，於二零二六年度 ...