Core Insights - The company reported a revenue of 41.292 billion yuan and a net profit attributable to shareholders of 4.368 billion yuan for the first half of 2025, showing a year-on-year decline of 9.38% in revenue but an increase of 31.34% in net profit [1] - The company announced a cash dividend of 0.24 yuan per share, which accounts for 29% of the net profit attributable to shareholders for the first half of 2025 [1] Group 1: Cement and Clinker Performance - The company's clinker sales remained stable, outperforming the industry, with a slight decline of 0.35% year-on-year, while the national cement production decreased by 4.3% [2] - Revenue from self-produced clinker reached 30.66 billion yuan, a year-on-year increase of 1.49%, with a gross margin rising by 6.9 percentage points to 28.7% [2] - The average price per ton increased by 4 yuan, while the cost per ton decreased by 13 yuan, leading to an 18 yuan increase in gross profit per ton, primarily due to a 15 yuan reduction in fuel and power costs [2] Group 2: Ready-Mixed Concrete and Aggregate Business - The aggregate revenue was 2.112 billion yuan, a decrease of 3.63%, with a gross margin decline of 3.97 percentage points to 43.87% [3] - Revenue from ready-mixed concrete surged by 28.86% year-on-year to 1.519 billion yuan, with a gross margin increase of 2.98 percentage points to 11.40% [3] - The company accelerated the production of aggregate projects and expanded its ready-mixed concrete capacity by 3.5 million tons and 5.25 million cubic meters, respectively [3] Group 3: International Expansion - The company made significant strides in international operations, with the acquisition of West Papua Cement in Indonesia and the establishment of a plant in Phnom Penh, Cambodia, adding 1.8 million tons of overseas clinker capacity [3] - Revenue from export and overseas operations reached 431 million yuan and 2.462 billion yuan, respectively, marking increases of 98.49% and 7.06% year-on-year [3] - The gross margin for export and overseas business improved by 9.96 and 5.24 percentage points to 16.71% and 45.23%, respectively, with sales volume growth of 116.5% and 20.4% [3] Group 4: Future Outlook - The company expects to achieve net profits attributable to shareholders of 9.9 billion yuan, 10.956 billion yuan, and 12.329 billion yuan for the years 2025 to 2027, corresponding to EPS of 1.87, 2.07, and 2.33 yuan [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][34]. Core Views - The company has shown year-on-year improvement in performance, with a proposal for its first interim dividend. In H1 2025, the company achieved revenue of 41.29 billion, a year-on-year decrease of 9.4%, while the main business revenue increased by 2.31% to 34.84 billion. The net profit attributable to shareholders was 4.37 billion, up 31.3% year-on-year, and the earnings per share (EPS) was 0.83 yuan [1][8]. - Despite insufficient market demand, the company benefited from rising cement prices, decreasing coal costs, and ongoing cost control measures, leading to improved year-on-year performance [1][8]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 41.29 billion, with a main business revenue of 34.84 billion, and a net profit of 4.37 billion, reflecting a 31.3% increase year-on-year. The EPS was 0.83 yuan, and the company proposed a mid-term dividend of 2.4 yuan per 10 shares [1][8]. - In Q2 2025, the company achieved a revenue of 22.24 billion, a decrease of 8.2% year-on-year, but the net profit rose by 40.3% to 2.56 billion [1][8]. Market Position and Sales - The company's self-produced cement clinker sales reached 126 million tons, a slight decrease of 0.35% year-on-year, outperforming the industry average decline of 4.3%. The average price per ton was 244.2 yuan, with a cost of 174.2 yuan, resulting in a gross profit of 70.0 yuan per ton [2][14]. - The company has maintained its domestic market share while expanding its overseas operations, achieving overseas revenue of 2.46 billion, a year-on-year increase of 7.1% [2][14]. Cash Flow and Investments - The company reported a net cash flow from operating activities of 8.29 billion, an increase of 20.6% year-on-year, with total cash and financial assets amounting to 63.84 billion [3][29]. - The company is actively pursuing project acquisitions and construction, including the acquisition of Xinjiang Yaobai and ongoing overseas expansion projects [3][29]. Future Outlook - The company is expected to benefit from ongoing strategic projects that may enhance infrastructure investment and improve supply-demand dynamics. The projected EPS for 2025-2027 is 1.85, 1.08, and 2.25 yuan per share, with corresponding price-to-earnings ratios of 8.4, 7.6, and 7.1 [34].

Investment Rating - The investment rating for the company is "Buy" (maintained) with target prices of HKD 31.85 and RMB 32.97 [7][8] Core Views - The company reported better-than-expected performance in Q2 2025, with a revenue of RMB 222.40 billion, a year-on-year decrease of 8.24%, but a quarter-on-quarter increase of 16.74%. The net profit attributable to shareholders was RMB 25.57 billion, up 40.26% year-on-year and 41.26% quarter-on-quarter, attributed to effective cost control measures [1] - The company plans to distribute its first interim dividend of RMB 0.24 per share (tax included) [1] - The company is expected to benefit from increased infrastructure investment in the second half of 2025, alongside supply-side reforms such as staggered production and capacity management [1] Revenue and Profitability - In the first half of 2025, the company achieved a revenue of RMB 412.92 billion, down 9.38% year-on-year, with a net profit of RMB 43.68 billion, up 31.34% year-on-year [1] - The gross profit per ton of self-produced cement and clinker increased to RMB 70, an increase of RMB 18 year-on-year, primarily due to lower coal costs and proactive cost control [2] - The company’s trading volume of cement and clinker increased by 21.03% year-on-year, generating trading revenue of RMB 5.48 billion, up 16.33% year-on-year [2] Business Segments - The aggregate and concrete business showed mixed results, with aggregate revenue declining by 3.63% to RMB 21.11 billion, while concrete revenue increased by 28.86% to RMB 15.19 billion [3] - The company’s overseas business generated revenue of RMB 28.93 billion, up 14.95% year-on-year, with a notable increase in profitability from overseas operations [3] Financial Health - The company reported a net cash inflow from operating activities of RMB 82.87 billion in the first half of 2025, an increase of RMB 14.16 billion year-on-year [4] - The company’s interest-bearing debt decreased to RMB 280.03 billion, with a debt-to-asset ratio of 20.52%, down 0.8 percentage points from the previous year [4] - The net debt ratio is estimated to be -17.7%, indicating a strong balance sheet [4] Earnings Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are RMB 99.5 billion, RMB 110.5 billion, and RMB 121.3 billion, respectively, with corresponding EPS of RMB 1.88, RMB 2.08, and RMB 2.29 [5] - The target price corresponds to a P/B ratio of 0.9x for 2025, which is below the historical average, reflecting potential short-term pressures in the cement supply-demand balance [5]

Group 1 - The company Conch Cement (SH 600585) held its 10th second board meeting on August 26, 2025, to review proposals including the revision of corporate governance systems [1] - For the first half of 2025, Conch Cement's revenue composition was as follows: 83.04% from the building materials industry (product sales), 15.63% from other businesses, and 1.33% from the building materials industry (trade business) [1] Group 2 - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related listed companies [1]

智通财经APP讯，海螺水泥(600585.SH)发布2025年半年度报告，该公司营业收入为412.92亿元，同比减 少9.38%。归属于上市公司股东的净利润为43.68亿元，同比增长31.34%。归属于上市公司股东的扣除非 经常性损益的净利润为41.98亿元，同比增长31.81%。基本每股收益为0.83元。此外，拟向全体股东每 股派发现金红利0.24元人民币(含税)。 ...

上升 安徽海螺水泥股份有限公司 一、重要提示 及未来发展规划，投资者应当到上海证券交易所网站 http://www.sse.com.cn 仔细阅读半 年度报告全文。 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。 股派发现金红利 0.24 元人民币（含税），不实施公积金转增股本。 二、公司基本情况 A 股股票简称 海螺水泥 A 股股票代码 600585 上市证券交易所 上海证券交易所 H 股股票简称 海螺水泥 H 股股票代码 00914 上市证券交易所 香港联合交易所有限公司 董事会秘书 证券事务代表 姓 名 虞水 汪满波 电 话 86 553 8398976 86 553 8398911 传 真 86 553 8398931 86 553 8398931 电子信箱 dms@chinaconch.com dms@chinaconch.com 办公地址 安徽省芜湖市文化路 39 号 安徽省芜湖市文化路 39 号 （千元） 上 年度末增减 （千元） （未经审 计） （%） 总资产 253,139,538 254,635,244 -0.59 归属于上市公司股东的净资产 189,088,904 18 ...

（文章来源：证券日报） 证券日报网讯 8月26日晚间，海螺水泥发布公告称，公司第十届董事会第二次会议审议通过了《关于修 订公司相关治理制度的议案》等多项议案。 ...

Core Viewpoint - Conch Cement reported a differentiated performance in the first half of the year, with revenue declining while profit increased, indicating strong operational resilience despite challenging market conditions [1][2]. Financial Performance - The company achieved operating revenue of 41.292 billion yuan, a year-on-year decrease of 9.38%, primarily due to an 11.2% decline in real estate investment impacting cement demand [1]. - Net profit attributable to shareholders reached 4.368 billion yuan, a year-on-year increase of 31.34%, with a non-recurring net profit of 4.198 billion yuan, up 31.81% [1]. - The comprehensive gross margin improved by 5.7 percentage points to 28.41%, driven by a 13.76% reduction in fuel and power costs [1]. - Operating cash flow was robust, with a net amount of 8.287 billion yuan, reflecting a year-on-year growth of 20.61% [1]. Business Operations - The core cement business saw a slight decline in self-produced cement clinker sales, totaling 12.6 million tons, down 0.35% year-on-year, but high-margin products like 42.5-grade cement and clinker saw gross margin increases of 6.45 and 11.87 percentage points, respectively [1]. - Revenue from self-produced products in the eastern and western regions grew by 13.55% and 3.88% year-on-year, respectively, while overseas market revenue reached 2.462 billion yuan, up 7.06% [1]. Market Conditions - The real estate sector continued to face challenges, with a reported 11.2% decline in development investment, leading to a nationwide decrease in cement demand [2]. - National cement production in the first half was 815 million tons, down 4.3% year-on-year, although the decline was less severe than the previous year [2]. Growth Drivers - The company invested 309 million yuan in R&D, despite a 40.55% year-on-year decrease, resulting in 162 new authorized patents [2]. - Digitalization and green transformation are identified as new growth engines, with AI technology applied across various operational scenarios [2]. - The company is advancing its green manufacturing initiatives, including the integration of renewable energy projects and achieving ISO50001 certification for energy management [2]. Future Outlook - The company plans to increase the direct supply ratio of raw materials and the use of alternative fuels, aiming to enhance efficiency and leverage procurement advantages [3]. - There is a focus on extending the upstream and downstream industrial chain, accelerating the production of aggregate projects, and expanding the ready-mixed concrete industry in major cities [3]. - The renewable energy sector will concentrate on providing "zero (low) carbon solutions" and expanding green electricity scale [3].

Growth - Shudao Equipment reported a net profit of 10.15 million yuan in the first half of the year, a year-on-year increase of 5972.30% [1] - Aerospace Science and Technology achieved a net profit of 88.97 million yuan, up 2161.91% year-on-year [1] - Tianbao Infrastructure's net profit reached 118 million yuan, growing by 2106.58% year-on-year [1] - Northern Rare Earth reported a net profit of 931 million yuan, an increase of 1951.52% year-on-year [1] - Liugang Co., Ltd. posted a net profit of 36.8 million yuan, up 579.54% year-on-year [1] - Cheng Tian Wei Ye's net profit was 10.88 million yuan, increasing by 562.05% year-on-year [1] - Perfect World reported a net profit of 503 million yuan, a year-on-year increase of 384.52% [1] - Shenghong Technology achieved a net profit of 2.143 billion yuan, up 366.89% year-on-year [1] - Zhongke Magnetic Industry's net profit was 20.90 million yuan, increasing by 271.78% year-on-year [1] - Xinjiang Communications Construction reported a net profit of 255 million yuan, up 255.25% year-on-year [1] - Shennong Group achieved a net profit of 388 million yuan, a year-on-year increase of 212.65% [1] - Daikin Heavy Industries reported a net profit of 547 million yuan, up 214.32% year-on-year [1] - Fostar's net profit was 251 million yuan, increasing by 140.45% year-on-year [1] - Guohua Airlines achieved a net profit of 1.24 billion yuan, up 86.15% year-on-year [1] - China Electric Port reported a net profit of 181 million yuan, increasing by 64.98% year-on-year [1] - Ailisi's net profit was 1.051 billion yuan, up 60.22% year-on-year [1] - Zijin Mining reported a net profit of 23.292 billion yuan, a year-on-year increase of 54.41% [1] - Zhongke Chuangda achieved a net profit of 158 million yuan, up 51.84% year-on-year [1] - Sichuan Gold reported a net profit of 209 million yuan, increasing by 48.41% year-on-year [1] - Dongxing Securities achieved a net profit of 819 million yuan, up 42.12% year-on-year [1] - Fosun Pharma reported a net profit of 1.702 billion yuan, a year-on-year increase of 38.96% [1] - Kotec Power's net profit was 23.99 million yuan, increasing by 35.52% year-on-year [1] - Dongshan Precision reported a net profit of 758 million yuan, up 35.21% year-on-year [1] - Inspur Information achieved a net profit of 799 million yuan, a year-on-year increase of 34.87% [1] - Shenzhen Huaqiang reported a net profit of 236 million yuan, increasing by 33.45% year-on-year [1] - Conch Cement achieved a net profit of 4.368 billion yuan, up 31.34% year-on-year [1] - Jiuzhoutong reported a net profit of 1.446 billion yuan, increasing by 19.7% year-on-year [1] - Aofei Data achieved a net profit of 87.89 million yuan, a year-on-year increase of 16.09% [2] Decline and Loss - Huachang Chemical reported a net profit of 1.09 million yuan, a year-on-year decrease of 97.58% [2] - Meibang Apparel achieved a net profit of 993,030 yuan, down 87.07% year-on-year [2] - Toukeng Life reported a net profit of 275,930 yuan, a decrease of 58.41% year-on-year [2] - BlueFocus reported a net profit of 96.44 million yuan, down 47.33% year-on-year [2] - China Gold achieved a net profit of 31.9 million yuan, a decrease of 46.35% year-on-year [2] - Huaxi Biological reported a net profit of 22.1 million yuan, down 35.38% year-on-year [2] - Zhejiang New Energy achieved a net profit of 29.2 million yuan, down 34.65% year-on-year [2] - Hainan Mining reported a net profit of 28.1 million yuan, a decrease of 30.36% year-on-year [2] - Changying Precision achieved a net profit of 30.6 million yuan, down 29.37% year-on-year [2] - China Duty Free reported a net profit of 2.6 billion yuan, down 20.81% year-on-year [2] - Jiangling Motors achieved a net profit of 73.3 million yuan, down 18.17% year-on-year [2] - Donghua Software reported a net profit of 24.4 million yuan, down 15.78% year-on-year [2] - Hengda New Materials achieved a net profit of 3.4235 million yuan, down 12.68% year-on-year [2] - Yaoji Technology reported a net profit of 25.6 million yuan, down 9.98% year-on-year [2] - Ping An Insurance achieved a net profit of 68.047 billion yuan, down 8.8% year-on-year [2] - China Petroleum reported a net profit of 840.07 billion yuan, down 5.4% year-on-year [2] - 360 reported a net loss of 28.2 million yuan [2] - Electric Wind Power reported a net loss of 27.9 million yuan [2] Losses - Suzhou Keda reported a net loss of 21.7 million yuan [3] - Yuntian Lifa achieved a net loss of 20.6 million yuan [3] - Kosen Technology reported a net loss of 10.5 million yuan [3] - Xinyada reported a net loss of 5.2635 million yuan [3] - Chengfei Integration achieved a net loss of 1.49208 million yuan [3] - China Film reported a net loss of 11 million yuan, turning from profit to loss year-on-year [3]

Core Insights - In the first half of 2025, the company reported a revenue of 41.292 billion yuan, a year-on-year decrease of 9.38%, while the net profit attributable to shareholders increased by 31.34% to 4.368 billion yuan [1] Group 1: Business Performance - The company actively promoted project development and focused on strengthening its core business, successfully signing the Xinjiang Yaobo project to enhance regional market layout [1] - The company achieved a total net sales volume of 127 million tons of cement and clinker, a slight year-on-year decrease of 0.09% [2] - The main business revenue reached 34.837 billion yuan, reflecting a year-on-year increase of 2.31%, while the main business cost decreased by 5.24% to 24.939 billion yuan [2] Group 2: Production Capacity and Expansion - During the reporting period, the company added 1.8 million tons of clinker capacity (overseas), 4 million tons of cement capacity, 3.5 million tons of aggregate capacity, and 5.25 million cubic meters of ready-mixed concrete capacity [2] - As of the end of the reporting period, the company had a total clinker capacity of 27.6 million tons and a cement capacity of 40.7 million tons [2] - The company also made progress in renewable energy projects, with a total installed capacity of 845 megawatts [2] Group 3: Profitability Metrics - The overall gross profit margin for products was 28.41%, an increase of 5.70 percentage points compared to the same period last year [2] - The gross profit margin for self-produced products was 28.85%, reflecting an increase of 5.84 percentage points year-on-year [2] - The company reported a trade volume of 1.87 million tons for cement and clinker, a year-on-year increase of 21.03% [2]