Financial Performance - The company's operating revenue for Q1 2025 was CNY 19,051,478,805, a decrease of 10.67% compared to CNY 21,327,718,918 in the same period last year[7] - Net profit attributable to shareholders increased by 20.51% to CNY 1,810,438,616 from CNY 1,502,318,719 year-on-year[7] - Basic and diluted earnings per share rose by 20.54% to CNY 0.34 from CNY 0.28 in the previous year[7] - Net profit for Q1 2025 reached RMB 1.78 billion, an increase of 19.33% from RMB 1.49 billion in Q1 2024[20] - The company reported a total profit of RMB 2.32 billion for Q1 2025, up 20.92% from RMB 1.92 billion in Q1 2024[20] Cash Flow and Liquidity - The net cash flow from operating activities surged by 214.92% to CNY 502,573,548, primarily due to a decrease in procurement costs of raw materials[10] - Cash flow from operating activities for Q1 2025 was RMB 502.57 million, significantly up from RMB 159.59 million in Q1 2024[21] - Cash inflow from investment activities in Q1 2025 totaled RMB 7.93 billion, an increase from RMB 5.71 billion in Q1 2024[21] - Net cash flow from financing activities was negative at approximately -¥747.84 million, contrasting with a positive net cash flow of ¥580.43 million previously[22] - The company experienced a net decrease in cash and cash equivalents of approximately -¥502.70 million, compared to -¥103.79 million in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 254,734,648,958, reflecting a slight increase of 0.04% from CNY 254,635,243,900 at the end of the previous year[7] - The total liabilities decreased to RMB 52,127,134,396 from RMB 54,257,807,200, a reduction of approximately 3.93%[17] - Total non-current assets reached RMB 164,355,534,399, up from RMB 160,873,209,606, marking an increase of about 2.93%[16] - The company's cash and cash equivalents were RMB 63,948,787,201, down from RMB 70,229,347,994, indicating a decrease of about 9.14%[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 209,238[11] - The largest shareholder, Anhui Conch Group Co., Ltd., held 36.40% of the shares, totaling 1,928,870,014 shares[11] - The equity attributable to shareholders increased by 1.21% to CNY 190,205,296,702 from CNY 187,940,358,985 at the end of the last fiscal year[7] Expenses and Investments - Research and development expenses for Q1 2025 were RMB 175.46 million, slightly down from RMB 185.76 million in Q1 2024[19] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was approximately ¥2.38 billion, a decrease from ¥2.97 billion[22] - Cash outflow from investment activities totaled approximately ¥8.19 billion, compared to ¥6.56 billion in the previous period[22] Other Financial Metrics - Non-recurring gains and losses totaled CNY 147,809,041 during the reporting period[8] - The company had a weighted average return on equity of 0.96%, an increase of 0.15 percentage points from 0.81% in the previous year[7] - Other comprehensive income after tax for Q1 2025 was RMB 284.19 million, compared to a loss of RMB 102.09 million in Q1 2024[20] - The company achieved an investment income of RMB 70.39 million in Q1 2025, a significant increase from RMB 20.55 million in Q1 2024[19] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may involve adjustments to the financial statements[22]

海螺水泥（600585）公告，2025年第一季度营收为190.51亿元，同比下降10.67%；净利润为18.1亿元， 同比增长20.51%。 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Viewpoints - The industry is expected to focus on stability, with technology and domestic demand as the main themes [1] - The construction materials sector has shown a slight increase of 0.22% this week, underperforming compared to the CSI 300 and Wind All A indices [4] - The report anticipates a significant acceleration in home decoration demand in Q3 2025, driven by policies promoting consumption [4] Summary by Sections 1. Industry Trends - The construction materials sector has experienced a price fluctuation, with the national average price of high-standard cement at 390.8 RMB/ton, down 1.8 RMB/ton from last week but up 35.7 RMB/ton year-on-year [4][22] - Cement market demand has slightly weakened due to seasonal rainfall, with a national average cement shipment rate of 47.4%, down 1.3 percentage points from last week [30] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The national cement market price has decreased by 0.5% this week, with price adjustments mainly in East, Central, and Southwest regions [21] - The report highlights that the cement industry is expected to maintain profitability, with leading companies showing a strong willingness to protect margins [5][12] 2.2 Glass Fiber - The profitability of the glass fiber industry remains at a low point, but demand in wind power and thermoplastics is expected to grow, leading to a gradual recovery in supply-demand balance [13] - The report recommends companies like China Jushi and suggests monitoring others like Zhongcai Technology and Shandong Glass Fiber [13] 2.3 Glass - The glass industry is currently facing a weak balance in supply and demand, with slow inventory depletion and limited price rebound potential [15] - The report recommends Qibin Group and suggests monitoring Nanbo A for potential growth [15] 3. Home Decoration Materials - The report indicates that government policies aimed at boosting domestic demand are expected to enhance home decoration consumption, with a year-on-year sales growth of 8.7% in early 2025 [16] - Recommended companies include Beixin Building Materials and Arrow Home, focusing on those with strong growth intentions and competitive advantages [16]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The industry is expected to focus on stability, with technology and domestic demand as the main themes [1] - The construction materials sector has shown a slight increase of 0.22% this week, underperforming compared to the Shanghai Composite Index and the Wind All A Index [4] - The report anticipates a significant acceleration in home decoration demand in Q3 2025, driven by policies promoting consumption [4] Summary by Sections 1. Industry Trends - The construction materials sector has experienced a price fluctuation, with the national average price of high-standard cement at 390.8 RMB/ton, down 1.8 RMB/ton from last week but up 35.7 RMB/ton year-on-year [4][22] - Cement market demand has slightly weakened due to seasonal rainfall, with a national average shipment rate of 47.4%, down 1.3 percentage points from last week [30] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The national cement market price has decreased by 0.5% this week, with price adjustments mainly in East, Central, and Southwest regions [21] - The report highlights that the cement industry is expected to maintain profitability, with leading companies showing a strong willingness to protect margins [5][12] - The average cement inventory ratio is 61.8%, unchanged from last week but down 6.6 percentage points year-on-year [30] 2.2 Glass Fiber - The glass fiber industry is experiencing a recovery in profitability, with demand in wind power and thermoplastics sectors continuing to grow [13] - The report suggests that leading companies in the glass fiber sector are likely to benefit from structural advantages and cost efficiencies [13] 2.3 Glass - The glass industry is facing a weak balance between supply and demand, with slow inventory depletion and limited price rebound potential [15] - The report recommends focusing on leading companies that can leverage resource advantages and benefit from industry capacity reductions [15] 3. Industry Dynamics Tracking - The report notes that external uncertainties, such as trade tensions, are increasing, but domestic policies are expected to support consumption and stabilize the real estate market [16] - The report emphasizes the importance of government policies in boosting home decoration demand, with a notable increase in sales in early 2024 [16] 4. Weekly Market Review - The construction materials sector has shown a slight increase in performance compared to broader market indices, indicating potential investment opportunities [4][20]

证券研究报告 工业/基础材料 Q1 境外工程高景气，加力城市更新 华泰研究 2025 年 4 月 27 日│中国内地 行业周报（第十七周） 本周观点：25Q1 海外工程订单景气，加力城市更新稳定消费建材需求 上周中共中央政治局会议提出"加强超常规逆周期调节"、"加力实施城市更 新行动"、"加强对企业'走出去'的服务"等，我们认为有利于内需基建投 资链、城市更新类建材、一带一路等细分板块。25Q1 我国对外承包工程新 签合同额/完成营业额 586.7/341.8 亿美元, 同比+26.0%/+5.5%，海外工程 保持较高景气。加大高品质住房供给，有利于稳定一线消费建材品牌龙头需 求；老旧小区改造和城中村改造有望从小 b 和大 b 不同渠道提供消费建材 增量需求。我们短期继续推荐内需逆周期及供给端约束较强的品种，重点推 荐四川路桥、中材国际、中国交建、中国核建、中国建筑国际、海螺水泥、 上峰水泥、中材科技、兔宝宝、中国联塑。 上周细分行业回顾 截至 4.25，上周全国水泥价格周环比-0.7%；水泥出货率 47.4%，周环比/ 同比-1.3%/-2.5pct；上周国内浮法玻璃均价 71 元/重量箱，周环比/同比持 ...

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the importance of domestic circulation and cyclical investment opportunities in response to the current economic challenges and geopolitical tensions [4] - It suggests that the central government's recent policy adjustments indicate a shift towards prioritizing domestic demand and infrastructure investment as a more stable and controllable option compared to external factors [4] - The report anticipates that local government bond policies will accelerate, providing liquidity support for the economy, and predicts a potential early turnaround in cyclical sectors [4] Summary by Sections 1. Sector Tracking - The construction materials index rose by 0.2%, while the cement and glass fiber indices experienced declines of 1.0% and increases of 1.8% respectively [8] - Notable stock performances included gains from companies like Jianfeng Group (+14.1%) and losses from companies like Jingang Photovoltaic (-11.7%) [8] 2. Data Tracking 2.1 Cement - The average price of 42.5 cement nationwide is 390.8 RMB/ton, down 1.8 RMB/ton month-on-month but up 35.7% year-on-year [15] - The cement inventory ratio stands at 61.8%, unchanged month-on-month but down 6.6 percentage points year-on-year [15] - The cement shipment rate is 47.6%, down 1.4 percentage points month-on-month and 2.4 percentage points year-on-year [15] 2.2 Float Glass - The average price of 5mm float glass is 1421.7 RMB/ton, up 0.7 RMB/ton month-on-month but down 402.5 RMB/ton year-on-year [31] - The total inventory of key production enterprises in 13 provinces is 5.618 million heavy boxes, down 0.1% month-on-month but up 2.4% year-on-year [31] 2.3 Photovoltaic Glass - The average price for 2.0mm coated photovoltaic glass is 14.3 RMB/sqm, unchanged month-on-month but down 4.1 RMB/sqm year-on-year [36] - The inventory days for photovoltaic glass have increased to 26.85 days, up 3.1% month-on-month and 44.7% year-on-year [36] 2.4 Glass Fiber - The average price of alkali-free glass fiber yarn is 4745.0 RMB/ton, unchanged month-on-month but up 715.0 RMB/ton year-on-year [43] - The average price of electronic yarn is 9100.0 RMB/ton, unchanged month-on-month but up 1750.0 RMB/ton year-on-year [43] 2.5 Carbon Fiber - The average price of large tow carbon fiber is 72.5 RMB/kg, unchanged month-on-month but down 2.0 RMB/kg year-on-year [46] - The average operating rate of carbon fiber enterprises is 60.19%, up 1.09 percentage points month-on-month and 11.45 percentage points year-on-year [46] 3. Industry Dynamics - The report highlights ongoing efforts in various regions to stabilize the real estate market, including new housing plans in Qingdao and government initiatives in Guangdong [14] - The Central Political Bureau's meeting emphasized the need to maintain stability in the real estate market and capital markets, indicating a proactive approach to economic management [14]

Investment Rating - The industry view is rated as Attractive, with a preference for gold, cement, building materials, and steel for 2Q25 [7]. Core Insights - Demand in the materials sector showed signs of recovery in 1Q25, but the outlook for 2Q25 is uncertain due to tariff concerns. Domestic excavator sales increased by 38% YoY, and orders from cathode producers rose by 20% due to strong demand from electric vehicles (EV) and energy storage [2]. - The report anticipates that metals-related stocks may outperform in 2H25 as further stimulus is expected [1][6]. - The tariff impact is projected to weigh heavily on the materials space, with a forecasted GDP growth reduction of 30 basis points to 4.2% for 2025 due to tariff shocks and domestic demand impacts [2][18]. Summary by Sections Gold - Gold is identified as the top pick within commodities, supported by ongoing central bank buying and rising ETF inflows. Lower Treasury yields are expected to enhance gold's macro backdrop. Preferred stocks include Zhaojin (1818.HK) and Zijin Mining (2899.HK, 601899.SS) [3]. Cement and Steel - Cement supply-side controls were announced in November 2024, leading to a focus on profitability rather than price wars. The report expects a significant increase in gross profit per ton due to lower coal prices and higher cement prices. For steel, a production cut of 30 million tons and an export cut of 15-20 million tons are anticipated in 2025. Preferred stocks include Anhui Conch (0914.HK, 600585.SS), CNBM (3323.HK), and Baosteel (600019.SS) [4]. Copper and Aluminum - In 2H25, copper and aluminum are expected to outperform due to continued demand from grid and EV-related green infrastructure. Additional fiscal stimulus could further support demand. Preferred stocks include Zijin (2899.HK, 601899.SS), CMOC (3993.HK, 603993.SS), and Hongqiao (1378.HK) [5]. Tariff Impact - The report highlights that the current cumulative US tariffs could have a more significant growth drag than in 2018-19, with expectations of trade talks to lower tariffs to 34% by year-end. The tariff shocks are expected to impact both trade channels and domestic demand [17][18].

Anhui Conch Cement Company Limited 关于附属公司 2025 年度第一期绿色中期票据发行结果 的公告 证券代码：600585 证券简称：海螺水泥 公告编号：临 2025-17 安徽海螺水泥股份有限公司 上述详情请见本公司分别于 2024 年 4 月 10 日、2024 年 5 月 17 日、2024 年 5 月 31 日及 2024 年 7 月 30 日在上海证券交易所网站披露的 2024 年第 16、19、21、 28 号临时公告。 于 2025 年 4 月 23 日，海螺环保集团发行了 2025 年度第一期绿色中期票据，现 将发行结果公告如下： | 名称 | 安徽海螺环保集团有限公司 2025 | 简称 | 25 | 海螺环保 | | | --- | --- | --- | --- | --- | --- | | | 年度第一期绿色中期票据 | | GN001 | | | | 代码 | 132580034 | 期限 | 年 3 | | | | 起息日 | 年 月 日 2025 4 25 | 兑付日 | 年 2028 4 | 月 | 日 25 | | 计划发行总额 | 亿元 ...

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《關於附屬公司 2025 年度第一期綠色中期票據發行結果的公告》，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 二零二五年四月二十五日 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、吳鐵軍先生及虞水先生； (ii) 獨立非執行董事屈文洲先生、何淑懿女士及張雲 燕女士。 证券代码：600585 证券简称：海螺水泥 公告编号：临 2025-17 安徽海螺水泥股份有限公司 Anhui Conch Cement ...

重要内容提示： 证券代码：600585 证券简称：海螺水泥 公告编号：2025-16 安徽海螺水泥股份有限公司 关于召开2024年年度股东大会的通知 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。 股东大会召开日期：2025年5月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 29 日 14 点 30 分 召开地点：安徽省芜湖市文化路 39 号 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 29 日 至2025 年 5 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大 会召开当日的交易时间段，即 9:15-9: ...