Investment Rating - The report maintains a "Recommend" rating for the company, with a current stock price of 24.75 CNY [1][3]. Core Views - The company reported a total revenue of 91.03 billion CNY for 2024, a year-on-year decline of 35.5%, and a net profit of 7.70 billion CNY, down 26.2% from the previous year. A cash dividend of 0.71 CNY per share (including tax) is proposed [3][4]. - The cement industry is expected to recover in the fourth quarter, with improved profitability driven by price increases and production coordination among leading companies [6][7]. - The company plans to increase its capital expenditure to 156.2 billion CNY in 2024, focusing on expanding its aggregate and ready-mixed concrete production capacity [6][7]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 91,030 million CNY, with a year-on-year decline of 35.4%. Net profit is expected to be 7,696 million CNY, down 26.2% [5][9]. - The gross margin is forecasted to improve to 21.7% in 2024, with a net margin of 8.5% [9]. Production and Capacity - The company plans to increase its clinker capacity by 2.3 million tons and cement capacity by 8 million tons, alongside significant expansions in aggregate and ready-mixed concrete production [6][7]. Cash Flow and Dividends - The company reported a net cash flow from operating activities of 18.39 billion CNY for 2024, with a cash balance of 70.23 billion CNY at year-end [10]. - A dividend payout of 37.5 billion CNY is planned for 2024, representing 48.68% of net profit [7]. Market Outlook - The report anticipates a recovery in cement demand post-Spring Festival, with potential price increases in the Yangtze River Delta region [6][7]. - The company is positioned as a leader in the cement industry, with strong cost control and attractive valuation metrics [7].

Financial Performance - The company's net revenue for 2024 was CNY 91,029,615, a decrease of 35.51% compared to CNY 141,157,207 in 2023[21]. - The net profit attributable to shareholders for 2024 was CNY 8,051,954, down 24.5% from CNY 10,686,594 in 2023[21]. - The basic earnings per share for 2024 was CNY 1.46, a decline of 25.90% from CNY 1.97 in 2023[22]. - The operating cash flow for 2024 was CNY 18,476,253, a decrease of 7.96% compared to CNY 20,074,156 in 2023[22]. - The company reported a total profit of CNY 10,029,189 for 2024, down 26.22% from CNY 13,594,052 in 2023[22]. - The net profit after deducting non-recurring gains and losses for 2024 was CNY 7,364,704, a decrease of 26.06% from CNY 9,960,488 in 2023[22]. - The weighted average return on equity for 2024 was 4.14%, down from 5.64% in 2023[22]. - The company's total revenue for the reporting period was 74.16 billion yuan, a decrease of 14.18% compared to the previous year[49]. - The net sales volume of cement and clinker was 271 million tons, down 7.46% year-on-year[45]. - The company's operating profit was 9.71 billion yuan, a decrease of 26.03% compared to the previous year[49]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.71 per share (including tax) for the 2024 fiscal year[5]. - The company distributed a cash dividend of 0.96 CNY per share, totaling approximately 5.07 billion CNY, to shareholders based on the total shares issued[95]. - For the fiscal year 2024, the company proposes a final dividend of 0.71 CNY per share, amounting to approximately 374.67 million CNY, which represents 48.68% of the net profit attributable to ordinary shareholders[97]. - The company will not allocate any statutory reserve for the fiscal year 2024, as the statutory reserve has already reached over 50% of the registered capital[96]. - The cumulative cash dividend amount for the last three fiscal years (including tax) is approximately CNY 16.66 billion[101]. - The cumulative cash dividend and repurchase amount for the last three fiscal years is CNY 16.66 billion, with an average net profit attributable to ordinary shareholders of CNY 11.27 billion, resulting in a cash dividend ratio of 147.83%[101]. Audit and Compliance - The company has received a standard unqualified audit report from Ernst & Young[5]. - The board of directors and management have ensured the accuracy and completeness of the financial report[4]. - The company has confirmed that there are no violations of decision-making procedures for external guarantees[7]. - The company has not faced any situations where more than half of the directors cannot guarantee the authenticity of the report[8]. - The company emphasizes compliance with the Shanghai Stock Exchange listing rules and will fulfill information disclosure obligations regarding the investment funds[90]. - The audit committee reviewed the 2023 annual financial statements and approved the submission to the board for review[177]. - The audit committee evaluated KPMG's performance in conducting the 2023 audit, affirming adherence to auditing standards[177]. - Ernst & Young Huaming audited the effectiveness of the internal control over the financial report as of December 31, 2024, and issued a standard unqualified opinion[186]. Environmental and Social Responsibility - The company has outlined its commitment to environmental and social responsibilities in its governance report[19]. - The company is committed to low-carbon and green development, actively promoting ultra-low emissions and energy-saving transformations, which may increase production costs[67]. - The company has established a comprehensive monitoring system for pollutant discharge across its facilities[196]. - The company has implemented measures to ensure that all emissions remain below the regulatory thresholds, demonstrating commitment to environmental standards[198]. - The company continues to monitor and manage emissions effectively, ensuring sustainable operations[198]. Market Strategy and Expansion - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[21]. - The company plans to complete the construction of its Cambodia project by February 2025, further expanding its international presence[41]. - The company aims to enhance its international development by leveraging overseas offices to explore suitable project opportunities in emerging markets[65]. - The company is focusing on digital transformation and green technology integration to enhance its core competitiveness[37]. - The company will focus on expanding its market presence and improving product and service quality to address potential demand volatility[66]. Corporate Governance - The company has maintained a governance structure that ensures independent operation and decision-making across its various departments and functions[113]. - The company has a strong focus on corporate governance, with key executives holding multiple positions in related entities[122][123]. - The company is committed to maintaining high standards of corporate governance and transparency in its operations[136]. - The board of directors consists of 8 members, including 3 independent non-executive directors, with a gender diversity of 6 males and 2 females[173]. - The remuneration and nomination committee is responsible for formulating compensation policies and evaluating executive performance[171]. Employee and Management Information - The company has a total of 49,397 employees, with 28,490 in production, 2,098 in sales, and 12,559 in technical roles, indicating a diverse workforce[148]. - The highest paid executive, Li Qunfeng, received a pre-tax remuneration of CNY 1,941,695, while the total remuneration for all executives amounted to CNY 12,767,125[144][145]. - The company has implemented a performance-based salary system for mid-level management, linking annual income to key performance indicators[151]. - The group has trained over 1,500 employees through various specialized training programs during the reporting period[152]. - The company has a gender distribution of approximately 84.8% male and 15.2% female employees, reflecting its workforce composition[148]. Investment and Financial Management - The company has committed CNY 1,760,112,039 to subscribe for shares in Western Construction, pending regulatory approval[80]. - The company has invested CNY 16 billion in the New Materials Industry Investment Fund, which has a total size of CNY 150 billion[84]. - The company has completed the necessary registrations for the Industrial Internet Mother Fund with the relevant authorities[88]. - The company has established a policy for shareholder communication, which has been effectively implemented during the reporting period[190]. - The company has established an internal control system that includes a controlled management system to continuously identify, assess, and manage significant risks[185].

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 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《關於續聘會計師 事務所的公告》，僅供參閱。 承董事會命 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 聯席公司秘書 虞水 中國安徽省蕪湖市 二零二五年三月二十四日 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。 股票简称：海螺水泥 股票代码：600585 公告编号：临 2025-07 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited ...

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 2024 年度「提 質增效重回報」行動方案的評估報告》，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 二零二五年三月二十四日 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。 股票简称：海螺水泥 股票代码：600585 公告编号：临 2025-11 安徽海螺水泥股份有限公司 关于 2024 年度"提质增效重回报" ...

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《關於修訂<公司章 程>部分條款的公告》，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 二零二五年三月二十四日 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 2025-09 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Lim ...

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《關於為附屬公司 提供擔保額度預計的公告》，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 二零二五年三月二十四日 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。 股票简称：海螺水泥 股票代码：600585 公告编号：临 2025-08 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Li ...

本公告乃根據《上市規則》第 13.09(2)條、第 13.10B 條及第 13.51(1)條，及《證券及 期貨條例》第 XIVA 部項下內幕消息條文規定而作出。 根據中國之適用法例及規則，本公司將於二零二五年三月二十五日在中國境內指定的 報章上刊登一則關於董事會決議事項的中國公告，當中包括但不限於審議通過《未來 三年分紅規劃 (2025-2027)》、《二零二五年度中期利潤分配方案》及修改《公司章程》， 並將上述議案提呈予股東於股東週年大會審議批准及/或授權董事會制定並實施。 本公告乃根據香港聯合交易所有限公司證券上市規則（「《上市規則》」）第 13.09(2) 條、第 13.10B 條及第 13.51(1)條，及《證券及期貨條例》（「《證券及期貨條例》」） （香港法例第 571 章）第 XIVA 部項下內幕消息條文（定義見《上市規則》）規定而 作出。 根據中華人民共和國（「中國」）之適用法例及規則，安徽海螺水泥股份有限公司（「本 公司」，連同其附屬公司，統稱「本集團」）將於二零二五年三月二十五日在中國境 內指定報章上刊登一則關於本公司董事（「董事」）會（「董事會」）決議事項的公 告（「中國公告」）。 香港交 ...

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《2025 年度估值提 升計劃》，僅供參閱。 承董事會命 安徽海螺水泥股份有限公司 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。 股票简称：海螺水泥 股票代码：600585 公告编号：临 2025-10 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 二零二五年三月二十四日 估值提升计划概述：公司将以投资价值提升为目标，深化经营提质、推动资 ...

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 为建立科学、持续、稳定的股东回报机制，增强利润分 配政策透明度，给予投资者稳定的分红回报，引导投资者树 立长期投资和理性投资理念，安徽海螺水泥股份有限公司 （以下简称"公司"）根据《中华人民共和国公司法》《上 市公司监管指引第 3 号—上市公司现金分红》《上海证券交 易所上市公司自律监管指引第 1 号—规范运作》等法律法规 和规范性文件要求，在充分考虑公司实际情况的基础上，制 定了《未来三年股东分红回报规划（2025－2027 年度）》（以 下简称"本规划"）。 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《未來三年股東分 紅回 ...

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。 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《2024 年年度利潤 分配方案公告》，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 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） 中國安徽省蕪湖市 二零二五年三月二十四日 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。 股票简称：海螺水泥 股票代码：600585 公告编号：临 2025-06 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limi ...