安徽海螺水泥股份有限公司 2025 年第三季度报告 证券代码：600585 证券简称：海螺水泥 安徽海螺水泥股份有限公司 2025 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 1 / 11 单位：元 币种：人民币 项目 本报告期 本报告期比上年 同期增减变动幅 度(%) 年初至报告期末 年初至报告期末 比上年同期增减 变动幅度(%) 营业收入 20,005,988,900 -11.42 61,297,773,984 -10.06 利润总额 2,600,523,482 7.65 8,436,882,329 24.03 归属于上市公司股东的净利润 1,936,632, ...

【海螺水泥：前三季度净利润同比增长21.28%】智通财经10月30日电，海螺水泥(600585.SH)公告称， 公司发布2025年第三季度报告，第三季度营收为200.06亿元，同比下降11.42%；归属于上市公司股东的 净利润为19.37亿元，同比增长3.41%。前三季度营收为612.98亿元，同比下降10.06%；归属于上市公司 股东的净利润为63.05亿元，同比增长21.28%。业绩变动主要原因是公司强化成本控制，原燃材料及生 产成本下降所致。 转自：智通财经 ...

海螺水泥公告，第三季度营收为200.06亿元，同比下降11.42%；净利润为19.37亿元，同比增长3.41%。 前三季度营收为612.98亿元，同比下降10.06%；净利润为63.05亿元，同比增长21.28%。 ...

Core Insights - Invesco Asset Management Limited increased its stake in Conch Cement (00914.HK) by acquiring 2.2855 million shares at an average price of HKD 23.6899 per share, totaling approximately HKD 54.1433 million [1] - Following this transaction, Invesco's total shareholding in Conch Cement rose to 65.245 million shares, increasing its ownership percentage from 4.84% to 5.02% [1] Company Summary - Conch Cement is listed under the stock code 00914 and is known as 安徽海螺水泥股份有限公司 in French [2] - The transaction date for the share acquisition was October 23, 2025, and the reporting date for the disclosure was October 30, 2025 [2]

Market Overview - The cement sector experienced a decline of 0.41% on October 29, with Guotong Co. leading the drop [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - Notable gainers in the cement sector included: - Hainan Ruize (002596) with a closing price of 4.06, up 3.31% and a trading volume of 948,000 shares [1] - Qingsong Jianhua (600425) closed at 4.68, up 0.65% with a trading volume of 338,900 shares [1] - Guotong Co. (002205) was the biggest loser, closing at 15.06, down 6.92% with a trading volume of 238,600 shares [2] - Other significant decliners included: - Sanhe Pipe Pile (003037) down 4.21% and Han Jian Heshan (603616) down 2.86% [2] Capital Flow Analysis - The cement sector saw a net outflow of 158 million yuan from institutional investors, while retail investors contributed a net inflow of 172 million yuan [2] - The capital flow for key stocks showed: - Conch Cement (600585) had a net outflow of 38.09 million yuan from institutional investors [3] - Hainan Ruize (002596) saw a net inflow of 25.39 million yuan from institutional investors [3]

Core Viewpoint - Invesco Asset Management Limited has increased its stake in Conch Cement (00914) by acquiring 2.2855 million shares at a price of HKD 23.6899 per share, totaling approximately HKD 54.1433 million, resulting in a new holding of 65.245 million shares, representing 5.02% of the company [1] Summary by Category - **Investment Activity** - Invesco Asset Management Limited purchased 2.2855 million shares of Conch Cement [1] - The acquisition price was HKD 23.6899 per share, leading to a total investment of about HKD 54.1433 million [1] - **Shareholding Update** - Following the purchase, Invesco's total shareholding in Conch Cement increased to 65.245 million shares [1] - The new shareholding percentage stands at 5.02% [1]

Core Viewpoint - Invesco Asset Management Limited has increased its stake in Conch Cement Company Limited by acquiring 2.2855 million shares at a price of HKD 23.6899 per share, totaling approximately HKD 54.1433 million, resulting in a new holding of 65.245 million shares, representing 5.02% of the company [1] Summary by Category - **Investment Activity** - Invesco Asset Management Limited purchased 2.2855 million shares of Conch Cement at HKD 23.6899 per share [1] - The total investment amounted to approximately HKD 54.1433 million [1] - Following this transaction, Invesco's total shareholding in Conch Cement increased to 65.245 million shares [1] - **Ownership Structure** - Invesco now holds 5.02% of Conch Cement's total shares after the recent acquisition [1]

Group 1 - Invesco Asset Management Limited increased its stake in Conch Cement (600585) by acquiring 2.2855 million shares at a price of HKD 23.6899 per share, totaling approximately HKD 54.1433 million [1] - Following the acquisition, Invesco's total shareholding in Conch Cement reached 65.245 million shares, representing a 5.02% ownership stake [1]

Market Overview - The Shanghai Composite Index fell by 0.22% on October 28, with 10 sectors experiencing gains, led by the comprehensive and defense industries, which rose by 2.06% and 1.07% respectively [1] - The building materials sector saw a slight increase of 0.01% with a net inflow of 286 million yuan in capital [1] Building Materials Sector - Within the building materials sector, 71 stocks were tracked, with 38 stocks rising and 3 hitting the daily limit up, while 33 stocks declined [1] - Notable stocks with significant capital inflow included Honghe Technology, which had a net inflow of 336 million yuan, followed by China National Materials and International Composite Materials with inflows of 162 million yuan and 86.3 million yuan respectively [1] - The top three stocks with the largest capital outflow were Oriental Yuhong, Tibet Tianlu, and Conch Cement, with outflows of 81.54 million yuan, 81.08 million yuan, and 60.64 million yuan respectively [1] Key Stock Performances - Honghe Technology experienced a rise of 10.01% with a turnover rate of 3.09% and a capital flow of approximately 335.56 million yuan [2] - China National Materials increased by 6.87% with a capital flow of about 162.44 million yuan [2] - International Composite Materials rose by 5.23% with a capital flow of approximately 86.30 million yuan [2] - Conch Cement saw a decline of 1.52% with a capital outflow of 60.64 million yuan [2] - Oriental Yuhong decreased by 1.13% with a capital outflow of 81.54 million yuan [2]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - Short-term easing of US-China trade tensions and anticipation of economic work conference guidance [1] - Mid-term expectations for improved profitability in the fiberglass sector [2] - The construction materials sector has shown a 1.60% increase in the past week, underperforming compared to the broader market indices [4] Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - **Cement**: The national average price for high-standard cement is 348.2 RMB/ton, up 1.3 RMB/ton from last week but down 63.0 RMB/ton year-on-year. The average cement inventory ratio is 67.9%, up 0.6 percentage points from last week [11][12][18]. - **Glass**: The average price for float glass is 1243.7 RMB/ton, down 57.3 RMB/ton from last week and down 9.3% year-on-year. Inventory levels have increased, indicating weak demand [44][50]. - **Fiberglass**: The market for non-alkali fiberglass remains stable, with prices holding steady. The average price for 2400tex non-alkali winding direct yarn is between 3250-3700 RMB/ton [5]. 2. Industry Dynamics Tracking - **Investment Trends**: Fixed asset investment growth has slowed, indicating weakness in traditional sectors like real estate and infrastructure. The focus is shifting towards technology and domestic consumption [4]. - **Market Recommendations**: The report suggests focusing on technology sectors benefiting from domestic cycles and improving supply chains in the real estate sector [4]. 3. Weekly Market Review and Sector Valuation - The construction materials sector has underperformed compared to the broader market indices, with a 1.60% increase against a 3.24% rise in the CSI 300 index [4]. - The report highlights the importance of industry self-discipline and the potential for price stabilization in the cement sector due to supply-side adjustments [5][11]. 4. Price and Inventory Trends - **Cement Prices**: The report notes a slight increase in cement prices in certain regions, with expectations for continued price fluctuations due to seasonal demand [11][12]. - **Glass Inventory**: The increase in glass inventory suggests a need for demand recovery to stabilize prices [50]. 5. Recommendations for Key Companies - The report recommends focusing on leading companies in the cement and fiberglass sectors, such as China National Building Material and China Jushi, which are expected to benefit from market adjustments and technological advancements [5].