证券代码：600585 证券简称：海螺水泥 公告编号：2025-27 安徽海螺水泥股份有限公司 关于担保实施进展的公告 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： 担保 对象 被担保人名称 福建三明海中环保科技有限责任公司 （以下简称"三明海中环保"） 本次担保金额 1,000 万元 截至本公告日，包括本次担保 在内，本公司及附属公司实际 为其提供的担保余额 2,000 万元 是否在前期预计额度内 是 □否 □不适用 本次担保是否有反担保 □是 否 □不适用 担保对象及基本情况 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日本公司及其附属对 | 83,800 | | 外担保总额（万元） | | | 对外担保总额占本公司最近一期 | 0.45 | | 经审计净资产的比例（%） | | | 特别风险提示 | 无 | 1 一、担保情况概述 （一）担保的基本情况 三明海中环保与中国建设银行股份有限公司清流支行（以下简称"建设银行 清流支行"）签订了借款金额 ...

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） 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《關於擔保實施進 展的公告》，僅供參閱。 承董事會命 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 二零二五年九月十八日 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、吳鐵軍先生及虞水先生； (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：2025-27 安徽海螺水泥股份有限公司 关于担保实施进展的公告 本公司董事会及全体董事保证 ...

Group 1 - The company Anhui Conch Cement Co., Ltd. announced that its subsidiary, Anhui Haizhong Environmental Protection, provided a full joint liability guarantee for a loan of 10 million yuan to Fujian Sanming Haizhong Environmental Technology Co., Ltd. from the Construction Bank Qingliu Branch [1] - As of the announcement date, the total guarantee amount, including this guarantee, is 20 million yuan, with the company's total external guarantees amounting to 83.8 million yuan, which represents 0.45% of the latest audited net assets [1] - There are no overdue guarantees, and this guarantee falls within the previously estimated limit, thus no further approval from the board of directors or shareholders is required [1] Group 2 - Sanming Haizhong Environmental has good creditworthiness, and the guarantee risk is considered controllable [1]

Group 1 - The core viewpoint of the news is that Conch Cement's stock has experienced a decline, with a notable drop in trading volume and net outflow of funds, indicating potential market concerns [1][2]. - As of September 18, Conch Cement's stock price fell by 2.04% to 23.06 CNY per share, with a total market capitalization of 122.2 billion CNY [1]. - The company has seen a year-to-date stock price change of -0.04%, with a 4.47% decline over the last five trading days and a 4.67% decline over the last twenty days [1]. Group 2 - Conch Cement's main business includes the production and sales of cement, clinker, and aggregates, with the primary revenue sources being 57.81% from 45-grade cement and 15.63% from other sales [1]. - For the first half of 2025, Conch Cement reported a revenue of 41.292 billion CNY, a year-on-year decrease of 9.38%, while the net profit attributable to shareholders increased by 31.34% to 4.368 billion CNY [2]. - The company has distributed a total of 82.718 billion CNY in dividends since its A-share listing, with 16.656 billion CNY distributed in the last three years [3]. Group 3 - As of June 30, 2025, the number of shareholders for Conch Cement increased to 224,100, reflecting a 7.12% rise from the previous period [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 193 million shares, an increase of 1.0135 million shares from the previous period [3]. - New entrants among the top ten shareholders include the Jiashi CSI 300 ETF, which holds 19.2643 million shares [3].

Core Viewpoint - Anhui Conch Group has established itself as a leader in the cement industry, with a production capacity exceeding 370 million tons and a market share of approximately 13%, contributing nearly 40% of the industry's profits [1][2] Group 1: Company Development and Strategy - Conch Cement was founded in 1996, with significant investments and strategic acquisitions that facilitated rapid growth, including a successful IPO in Hong Kong and later in mainland China [2][3] - The company has adopted a mixed ownership structure, with 51% state-owned and 49% employee-held shares, fostering a stable stakeholder relationship [2][3] - The success of Conch Group is attributed to favorable external conditions, including China's economic transition, strategic location in the Yangtze River Economic Belt, and a strong corporate culture emphasizing unity and innovation [3] Group 2: Industry Challenges and Responses - The domestic cement production is projected to decline from 2.395 billion tons in 2020 to 1.811 billion tons by 2024, prompting the need for high-quality development [4] - Conch Group plans to enhance its business through internal industry chain extensions and external international expansion, with over 190 billion yuan invested in 21 overseas factories across 14 countries [4][5] - The company has introduced a new development model called "One Base and Five Industries," focusing on cement manufacturing while expanding into new sectors like renewable energy and digital economy [5] Group 3: Innovation and Technology - Conch Group has pioneered several innovations, including domestic equipment replacement, a "payment upon delivery" sales model, and a unique operational strategy that integrates clinker bases with grinding stations [6][7] - The company has initiated the "Cement Industrial Brain" project to enhance operational efficiency and has developed an industrial internet platform for comprehensive smart operations [7] - In collaboration with industry partners, Conch has launched the first "AI + large model" in the cement sector, applying AI technology across various operational scenarios [7]

Core Insights - The "2025 China Top 500 Enterprises" list was released, with a revenue threshold of 47.96 billion yuan, an increase of 579 million yuan from the previous year [1] - The total revenue of the top 500 enterprises reached 11.015 trillion yuan, showing a growth trend compared to the previous year [1] - The number of enterprises with revenue exceeding 100 billion yuan increased to 267, accounting for 53.4% of the total [1] - The average R&D intensity of the listed companies reached a new high of 1.95%, marking an increase for eight consecutive years [1] - The balance between state-owned and private enterprises remains stable, with 251 state-owned and 249 private enterprises on the list [1] Summary by Category Company Performance - Ten enterprises from Anhui province made the list, including Chery Holding Group, Tongling Nonferrous Metals Group, and NIO, marking a slight increase from eight in 2024 [2] - The revenue of Anhui's listed enterprises generally increased, with several companies improving their rankings significantly, indicating growth above the average of the top 500 [3] - NIO ranked 367th, reflecting its recognition in the market despite being in a critical development phase [4] - Tongling Nonferrous Metals and Anhui Conch Cement, ranked 109th and 193rd respectively, remain key pillars of Anhui's industrial economy [3][4] Industry Trends - The list highlights the dual drive of traditional and emerging industries in Anhui, with both resource-based enterprises and high-end manufacturing firms contributing to growth [4] - Sunpower, a leading company in the photovoltaic inverter and energy storage system sector, advanced from 335th to 318th place, showcasing its competitive advantage despite industry adjustments [3][4] - The presence of both traditional and new energy companies aligns with Anhui's strategy of becoming a manufacturing powerhouse [4] Future Outlook - The province is expected to see continued growth in the number of top 500 enterprises, particularly in cutting-edge fields such as integrated circuits, artificial intelligence, and biomedicine [5] - There is potential for growth in large enterprises in northern Anhui, which will be crucial for balanced regional development [6] - The list serves as an important window into the economic performance of Anhui, indicating a phase of high-quality development [6]

Market Overview - The cement sector experienced a decline of 0.94% on September 16, with Huaxin Cement leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Huaxin Cement (600801) closed at 17.84, down 2.41%, with a trading volume of 321,400 shares and a transaction value of 578 million yuan [2] - Other notable declines include Tianshan Shares (000877) down 2.40% and Shangfeng Cement (000672) down 2.02% [2] - Jin Yang Heavy Industry (601992) was one of the few gainers, closing at 1.78, up 2.89% [1] Capital Flow Analysis - The cement sector saw a net outflow of 325 million yuan from institutional investors, while retail investors contributed a net inflow of 296 million yuan [2] - The data indicates that retail investors are more active in the sector despite the overall decline in stock prices [2] Detailed Capital Flow by Stock - Notable net inflows from retail investors were observed in Wan Nian Qing (000789) with 658,170 yuan and Ningxia Building Materials (600449) with 532,940 yuan [3] - Conversely, significant net outflows from institutional investors were recorded for Hainan Ruize (002596) at 22.48 million yuan and Fujian Cement (600802) at 749,200 yuan [3]

Group 1: Cement Industry - The average national cement shipment rate in August 2025 was 45.2%, down from 48.8% in the same period last year, with a year-on-year decrease in cement production of 6.2% to 148 million tons [1][2] - The average price of cement from July to September 2025 was 338 yuan/ton, showing a slight rebound from the low point in August, with a month-on-month increase of 2 yuan/ton [2] - Companies to watch include Conch Cement (600585), Shangfeng Cement (000672), and China Resources Cement Technology (01313) due to potential marginal improvements in demand as the peak season approaches [2] Group 2: Glass Industry - From January to August 2025, the area of completed housing decreased by 17% year-on-year to 27.7 million square meters, indicating significant pressure on glass demand due to ongoing real estate downturn [3] - The daily melting capacity of float glass was 15.9 million tons as of September 2025, remaining stable compared to the end of last year, with high inventory levels of 55 million boxes [3] - Companies to focus on include Xinyi Glass (00868) and Qibin Group (601636) as the industry may see improvements in structure due to supply contraction [3] Group 3: Steel Industry - In August, both supply and demand in the steel sector weakened, with crude steel production at 77.37 million tons, a year-on-year decrease of 0.7%, and apparent domestic consumption at 68.39 million tons, down 0.8% year-on-year [4] - Anticipated production adjustments in the fourth quarter may improve industry supply and demand dynamics, leading to a potential recovery in the profitability cycle [4] - Key companies to monitor include Hualing Steel (000932) as the industry’s core assets are currently undervalued [4]

Group 1 - In the first half of the year, 186 A-share listed companies in Anhui achieved a total operating income of 722.08 billion yuan and a total profit of 55.54 billion yuan, with 152 companies making profits, accounting for 81.72% [1][3] - 96 companies reported a year-on-year increase in operating profit, representing over 50% of the total [1][3] - As of September 15, 154 companies in the Anhui sector saw their stock prices rise since the beginning of the year, with 15 companies doubling their market value [3] Group 2 - The "2025 Anhui Listed Companies Investor Online Reception Day" was held, where 77 companies presented their performance and business layout for the first half of the year, responding to nearly a thousand investor inquiries [2][4] - Companies like Anhui Huabei Group are focusing on digital transformation in retail and standardization in agricultural product circulation, aiming to enhance core competitiveness [4] Group 3 - There is a strong investor interest in enhancing market value management, with many companies expressing a desire to improve their market value [5] - Several companies, including Yangguang Electric and Conch Cement, announced mid-term dividends, with Conch Cement planning a dividend payout of 1.266 billion yuan, representing a 29% payout ratio [5] Group 4 - Chip Microelectronics is progressing with its H-share listing application, indicating a significant step in its dual financing strategy [6][7] - The company has been experiencing strong production and sales growth, driven by the demand in AI computing and the electronicization of new energy vehicles [7]

Summary of Conference Call Records Industry Overview - The real estate market is expected to benefit from policy stimulus and the traditional sales peak in the short term, but faces challenges in Q4 due to high base effects. Attention is needed on whether sales data can remain stable, while investment data shows a trend of stabilization despite a decrease, and new home prices still face downward pressure [1][3][4]. Key Points and Arguments Real Estate Sector - The investment success rate in the real estate sector is improving, with a better competitive landscape among leading companies. Gross margins are expected to improve significantly by Q2 next year. Recommended companies include Shenzhen Investment, China Resources, and China Overseas, as well as diversified targets like Zhangjiang Hi-Tech and Quzhou Development [1][7]. - As of August 2025, real estate sales data showed a year-on-year decline of approximately 7%, an improvement from a 14% decline the previous year. This decline is attributed to a significant reduction in land purchases and falling prices of existing assets [3]. - The second-hand housing market is currently more reflective of consumption rather than investment attributes, with price fluctuations primarily influenced by depreciation logic until new housing stabilizes [6]. Construction Industry - The construction industry has been under pressure recently, with cautious performance noted over the past two months. However, there is optimism for Q4 due to expected policy support for stable growth [8][9]. - Investment opportunities in the construction sector are suggested to be focused on high-dividend assets, metal asset revaluation, and companies benefiting from debt resolution policies, such as China Railway Construction [11][12]. Building Materials Sector - August data for the building materials sector was weak, with cement sales down approximately 8% year-on-year. However, expectations for fiscal stimulus are increasing, and companies focused on domestic demand have shown improved fundamentals [10][12]. - The waterproofing sector is highlighted as a key area for investment, with companies like Dongfang Yuhong recommended due to their strong fundamentals and potential benefits from policy planning [1][12]. Additional Important Insights - The global context of interest rate cuts is creating more certainty in external markets, particularly in overseas cement, fiberglass, and photovoltaic glass sectors. Companies like Huaxin Cement, China Jushi, and Xinyi Solar are noted as potential investment opportunities [13]. - The 2025 anti-involution policy is expected to have a profound impact on the supply side, with a focus on sectors like cement and photovoltaic glass, and companies with independent growth logic such as Henkel Group and Puyang Huicheng [14][15]. - Strategies for addressing poor performance in August include focusing on domestic demand, overseas demand, and anti-dumping measures, with specific recommendations for companies like China Jushi, Huaxin Cement, and Xinyi Solar [16].