安徽海螺水泥股份有限公司 关于控股股东权益变动触及 1%刻度的 提示性公告 本公司控股股东安徽海螺集团有限责任公司保证向本公司提供的信息真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 证券代码：600585 证券简称：海螺水泥 公告编号：2026-12 重要内容提示： | 权益变动方向 | 比例增加☑ | | 比例减少□ | | --- | --- | --- | --- | | 权益变动前合计比例 | 36.40% | | | | 权益变动后合计比例 | 37.05% | | | | 本次变动是否违反已作出的承 | 是☐ | 否☑ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是☐ | 否☑ | | 一、 信息披露义务人及其一致行动人的基本信息 1、身份类别 | | ☑控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人 ...

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 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。 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《關於控股股東權 益變動觸及 1%刻度的提示性公告》，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 二零二六年三月二十五日 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：2026-12 权益变动方向 比例增加☑ 比例减少□ 权益变动前 ...

Core Viewpoint - The announcement indicates that the controlling shareholder, Conch Group, has increased its stake in Conch Cement through a centralized bidding process, reflecting the company's ongoing commitment to its previously disclosed shareholding plan [1] Group 1: Shareholding Changes - From March 3 to March 25, 2026, Conch Group acquired 34.7556 million A-shares of Conch Cement [1] - Following this transaction, Conch Group's total shareholding increased from 1.929 billion shares to 1.964 billion shares [1] - The ownership percentage rose from 36.40% to 37.05%, reaching a 1% threshold [1] Group 2: Control and Compliance - This change in shareholding will not alter the status of the controlling shareholder or the actual controller of the company [1] - The transaction does not trigger a mandatory tender offer [1] - The acquisition is part of Conch Group's previously announced shareholding plan, which is still in progress [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of RMB 29.76 and HKD 28.93 [7]. Core Views - The company reported a revenue of RMB 82.532 billion for 2025, a year-on-year decrease of 9.33%, while the net profit attributable to shareholders was RMB 8.113 billion, an increase of 5.42% year-on-year [1]. - The company plans to distribute a final dividend of RMB 0.61 per share, raising the total cash dividend payout ratio to 55.3%, marking the first time it has exceeded 50% [1]. - Despite industry demand pressures, the company is expected to achieve stable profit growth through cost control and reduced capital expenditures [1]. Summary by Sections Revenue and Profitability - The company achieved a revenue of RMB 82.532 billion in 2025, down 9.33% year-on-year, with a net profit of RMB 8.113 billion, up 5.42% year-on-year [1]. - The fourth quarter revenue was RMB 21.234 billion, showing a quarter-on-quarter increase of 6.14%, while the net profit was RMB 1.809 billion, down 6.61% quarter-on-quarter [1]. Cost Control and Efficiency - The company’s self-produced cement clinker sales volume was 26.5 million tons in 2025, a decrease of 1.13% year-on-year, which is better than the national average decline of 6.9% [2]. - The comprehensive cost of self-produced cement clinker decreased by 11.12% year-on-year, with fuel and power costs down by 15.70% [2]. - The gross profit margin for self-produced cement was 27.76%, an increase of 2.95 percentage points year-on-year [2]. Business Segments Performance - The aggregate and manufactured sand segment saw a revenue of RMB 4.203 billion, down 10.41% year-on-year, with a gross margin of 40.13%, a decrease of 6.78 percentage points [3]. - The ready-mixed concrete business performed well, achieving a revenue of RMB 3.209 billion, up 20.04% year-on-year, with a gross margin of 12.38%, an increase of 2.38 percentage points [3]. - The company’s overseas and export business became significant growth drivers, with revenues of RMB 5.846 billion and RMB 0.673 billion, respectively, representing increases of 24.99% and 158.5% year-on-year [3]. Financial Health - The company maintained a net cash position with a net cash flow from operating activities of RMB 16.644 billion, despite a decrease due to reduced trade income [4]. - The debt-to-asset ratio at the end of 2025 was 20.42%, down 0.89 percentage points from the previous year, with cash and cash equivalents reaching RMB 50.252 billion [4]. - The company’s net debt ratio was -18.0%, continuing its net cash status since 2017 [4]. Earnings Forecast and Valuation - Due to ongoing weak downstream demand and rising raw material prices, the earnings forecasts for 2026 and 2027 have been revised downwards, with expected net profits of RMB 9.211 billion and RMB 10.074 billion, respectively [5]. - The estimated book value per share for 2026 is RMB 37.2, with target prices set at RMB 29.76 and HKD 28.93, corresponding to 0.8x and 0.7x the 2026 P/B ratio [5].

Core Viewpoint - Conch Cement (00914.HK) reported a revenue of 82.532 billion RMB for the year ending December 31, 2025, representing a year-on-year decline of 9.33%, while net profit attributable to shareholders increased by 5.12% to 8.464 billion RMB, with earnings per share at 1.6 RMB and a proposed final dividend of 0.61 RMB per share (tax included) [1][1]. Group 1 - The company has a clinker capacity of 234 million tons, cement capacity of 415 million tons, aggregate capacity of 180 million tons, and operational ready-mixed concrete capacity of 7.025 million cubic meters as of the end of the reporting period [1][1]. - For 2026, the company plans to achieve a total sales volume of 26 million tons for cement and clinker products, with expectations that the cost per ton of products and expenses per ton will remain relatively stable [2].

Group 1 - The U.S. government proposed a conflict resolution plan to Iran through Pakistan, consisting of 15 conditions related to nuclear programs, missile capabilities, and regional issues. Key demands include dismantling existing nuclear capabilities, committing not to develop nuclear weapons, and allowing comprehensive inspections by the IAEA [4] - President Trump stated that negotiations with Iran are close to an agreement, with Iran reportedly agreeing to never possess nuclear weapons. He criticized previous agreements made by the Democrats, claiming they negatively impacted the current military situation [5][6] - Chinese Foreign Minister Wang Yi communicated with Iranian Foreign Minister Amir-Abdollahian, emphasizing the need for all parties to take actions that promote de-escalation rather than conflict escalation [5] Group 2 - The People's Bank of China conducted a 500 billion yuan MLF operation, marking the 13th consecutive month of increased liquidity support [6][8] - Moody's downgraded KKR's private credit fund rating to "junk" status, indicating a worsening crisis in the U.S. private credit market [6][23] - Xiaomi Group reported record revenue of 457.29 billion yuan for 2025, with a 25% year-on-year increase, and its automotive business achieved profitability for the first time [11]

Financial Performance - The company's net revenue for 2025 was CNY 82,532,051, a decrease of 9.33% compared to CNY 91,029,615 in 2024 [19]. - The net profit attributable to shareholders for 2025 was CNY 8,464,457, representing an increase of 5.14% from CNY 8,051,954 in 2024 [19]. - The basic earnings per share for 2025 was CNY 1.54, up 5.42% from CNY 1.46 in 2024 [19]. - The operating cash flow for 2025 was CNY 16,643,908, down 9.92% from CNY 18,476,253 in 2024 [19]. - The company reported a total liability of CNY 52,312,787 for 2025, a decrease from CNY 54,298,442 in 2024 [18]. - The weighted average return on equity for 2025 was 4.27%, an increase from 4.14% in 2024 [19]. - The company's revenue for the reporting period was 82.532 billion yuan, a decrease of 9.33% compared to the previous year [34]. - The net profit attributable to shareholders was 8.113 billion yuan, an increase of 5.42% year-on-year [34]. - The company's main business revenue for the reporting period was 69,419.33 million yuan, a decrease of 6.39% compared to the previous year [43]. - The sales volume of self-produced cement and clinker was 265 million tons, a year-on-year decrease of 1.13%, while sales revenue from self-produced products was 68.378 billion yuan, down 6.61% [39]. Dividend Policy - The company plans to distribute a cash dividend of RMB 0.61 per share (tax included) for the 2025 fiscal year, totaling RMB 0.85 per share for the entire year including the interim dividend [5]. - The board recommends a final dividend of 0.61 CNY per share for the 2025 fiscal year, totaling 321,901,000 CNY, which, combined with the interim dividend, results in a total dividend payout of 448,550,000 CNY, representing 55.29% of the net profit attributable to shareholders [96]. - The cumulative cash dividend over the last three accounting years amounts to 13,298,191,310 CNY, with a cash dividend ratio of 152.06% relative to the average net profit attributable to shareholders during that period [102]. - The cash dividend policy stipulates that at least 10% of the distributable profit for the year must be distributed in cash, with a proposed total cash dividend of 3,746,712,631.24 CNY for the 2024 fiscal year [93]. - The company will withhold a 10% corporate income tax on dividends distributed to non-resident enterprise shareholders [98]. Audit and Compliance - The company has received a standard unqualified audit report from Ernst & Young, ensuring the accuracy and completeness of the financial report [5]. - The company’s board of directors has confirmed the authenticity and completeness of the report, with no more than half of the directors unable to guarantee its accuracy [8]. - The company has complied with all relevant laws and regulations that significantly impact its operations as of December 31, 2025 [112]. - The audit committee conducted 6 meetings, reviewing the 2024 financial statements and approving the annual financial reports as of December 31, 2024 [169]. - The audit committee recommended the reappointment of Ernst & Young as the company's auditors for the 2025 fiscal year, with an audit fee of 4.96 million yuan [170]. Strategic Initiatives - The company aims to achieve its capital expenditure and sales targets for 2026, although these do not constitute a substantive commitment to investors [5]. - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency [18]. - The company aims to improve its financial performance through strategic mergers and acquisitions in the upcoming fiscal year [18]. - The company plans to enhance market expansion and product innovation strategies in response to the competitive landscape [45]. - The company is committed to reducing carbon emissions and enhancing energy efficiency, with a focus on increasing the use of alternative fuels and optimizing energy structure adjustments [66]. Risk Management - The company has disclosed potential policy and environmental risks it may face in 2026, advising investors to be cautious [8]. - The company has faced risks related to demand fluctuations, intensified competition, and environmental policy pressures, which it plans to address through strategic market positioning and adherence to industry regulations [69]. - The company has established an internal control system that includes a controlled management system with various permissions to continuously identify, assess, and manage significant risks [177]. Management and Governance - The company has a strong management team with extensive experience in various sectors, including finance and operations [120][121]. - The company has maintained a strong governance structure since its listing, ensuring independent and effective decision-making processes [113]. - The board of directors consists of 9 members, including 3 independent non-executive directors, with a gender diversity of 7 males and 2 females [165]. - The company has established a performance evaluation mechanism for senior management, linking their remuneration to key performance indicators such as profit, cost, and production [149]. - The company has implemented a shareholder communication policy and actively engages with investors through various channels, including shareholder meetings and performance briefings [184]. Employee and Training Initiatives - As of the end of the reporting period, the company had a total of 48,286 employees, with 27,895 in production, 2,483 in sales, and 11,988 in technical roles [144]. - The total annual remuneration for senior management amounted to CNY 11,825,657, with the highest individual remuneration being CNY 1,856,254 for the General Manager [140]. - The company has conducted 56 training sessions, with a total of 1,545 participants, helping 353 individuals obtain intermediate or higher skill qualifications [146]. - The company has committed to a deferred payment arrangement for a portion of performance-based salaries, with a deferral period of no less than three years [142]. Environmental and Social Responsibility - The company has maintained a commitment to ecological protection and sustainable development, focusing on building green factories and digital smart mines [195]. - The company reported a total of 191 million yuan in external industry support funds to promote local agricultural projects, enhancing income stability for residents [194]. - Approximately 309 million yuan was spent on purchasing agricultural products to support local farmers [194]. - The company has invested in three public service projects and four infrastructure improvement projects in the supported areas, significantly improving local living conditions [194].

Core Viewpoint - The company reported a decline in revenue for 2025, while net profit showed growth, indicating a mixed performance in the financial results [1] Financial Performance - The company achieved an operating revenue of 82.532 billion yuan, a year-on-year decrease of 9.33% [1] - The net profit attributable to shareholders was 8.113 billion yuan, reflecting a year-on-year increase of 5.42% [1] - Basic earnings per share were reported at 1.54 yuan [1] Dividend Distribution - The company proposed a cash dividend of 6.1 yuan per 10 shares (including tax) [1] Sales and Profitability - The sales volume of self-produced cement clinker was 26.5 million tons, showing a year-on-year decline of 1.13%, which is better than the average decline in the cement industry [1] - The comprehensive gross profit margin for self-produced products was 27.76%, an increase of 2.95 percentage points compared to the same period last year [1]

Group 1 - The company has a clinker capacity of 234 million tons, cement capacity of 415 million tons, aggregate capacity of 180 million tons, and operational ready-mixed concrete capacity of 70.25 million cubic meters [1] - In the 2025 annual report, the company achieved an operating revenue of 82.532 billion yuan, a year-on-year decrease of 9.33% [2] - The net profit attributable to shareholders of the listed company was 8.113 billion yuan, an increase of 5.42% year-on-year [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 7.588 billion yuan, a year-on-year increase of 3.03% [2] - The basic earnings per share were 1.54 yuan, and the company proposed a cash dividend of 0.61 yuan per share (including tax) [2]

Core Viewpoint - Conch Cement reported a revenue of 82.532 billion yuan for the year ending December 31, 2025, a decrease of 9.33% year-on-year, while net profit attributable to shareholders increased by 5.12% to 8.464 billion yuan, indicating a focus on consolidating core business and expanding its industrial chain [2] Group 1: Financial Performance - The company achieved a revenue of 82.532 billion yuan, down 9.33% from the previous year [2] - Net profit attributable to shareholders was 8.464 billion yuan, reflecting a growth of 5.12% year-on-year [2] - Earnings per share increased to 1.60 yuan, up by 0.07 yuan compared to the previous year [2] Group 2: Business Development - The company made significant progress in its core cement business, with successful project completions including the acquisition of the Xinjiang Yaobai project and the commissioning of the Fuzhou Conch Cement project [2] - Internationally, the Cambodia Conch Cement project was successfully completed and is now operational, contributing to the company's global expansion [2] - The company expanded its industrial chain by launching 9 aggregate projects and adding 22 new ready-mixed concrete stations [2] Group 3: Technological and Green Development - The company focused on technological innovation, obtaining nearly 400 authorized patents and establishing a smart cement factory recognized by the Ministry of Industry and Information Technology [3] - It launched the first AI model in the building materials industry, achieving breakthroughs in various applications to enhance production efficiency and reduce carbon emissions [3] - The company invested in green development, creating a fully green electric factory and the first integrated hydrogen storage and transportation project in the cement industry [3]