证券代码：600585 证券简称：海螺水泥 公告编号：2025-20 安徽海螺水泥股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.71元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利 | | --- | --- | --- | --- | --- | | | | | | 发放日 | | Ａ股 | 2025/6/26 | － | 2025/6/27 | 2025/6/27 | 公司本次利润分配以权益分派股权登记日的公司总股本 5,299,302,579 股扣除 公司回购专用证券账户股份 22,242,535 股后的股份 5,277,060,044 股为基数，向全 体股东每股派发现金红利 0.71 元（含税），共计派发现金红利 3,746,712,631.24 元 （含税）。 差异化分红送转： 是 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 29 日的20 ...

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 年年度權益 分派實施公告》，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 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） 虞 水 中國安徽省蕪湖市 二零二五年六月十九日 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、何淑懿女士及韓旭 女士。 证券代码：600585 证券简称：海螺水泥 公告编号：2025-20 安徽海螺水泥股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容 ...

Group 1 - The core viewpoint of the news is that Conch Group is actively pursuing high-quality development through strategic acquisitions and enhancing its operational efficiency across various sectors [1][6] - Conch Group's subsidiary, Anhui Conch Environment Technology Co., Ltd., signed an equity transfer agreement for the SCR denitration catalyst project, which is expected to inject new momentum into the company's development [1] - The company aims to achieve its annual targets by focusing on development, market expansion, and management improvement, contributing to the overall high-quality growth of Conch Group [1] Group 2 - Conch Group's overseas operations have shown significant improvement, with subsidiaries in Indonesia, Cambodia, and Uzbekistan achieving notable sales and profit growth [4] - In Indonesia, cement sales increased by 7% year-on-year from January to May, while profits reached historical highs [4] - In Cambodia, profits for the Mardow and Phnom Penh subsidiaries grew nearly 20% year-on-year, with the latter achieving profitability immediately upon production [4] - In Thailand, the company reported a 17% increase in sales and a 137% increase in profits from January to May, with production exceeding 1,600 tons for the first time [4] Group 3 - The company is accelerating the development of its second main business in SCR catalysts, successfully acquiring the Kangning SCR project, which increases its production capacity to 84,000 cubic meters [6] - The sales volume of SCR denitration catalysts increased by 23% year-on-year from January to May [6] - Conch Environment is leveraging its advantages in hazardous waste disposal and has signed contracts for over 50,000 tons of waste disposal projects this year [6] Group 4 - Conch Group's digital smart factory, based on AI large models, was recognized as one of the top ten benchmark demonstration scenarios in Anhui Province for 2024 [7] - The company has established a new R&D model to enhance technological innovation, resulting in over 1,000 new project initiatives this year [7] - Several projects have received national and provincial recognition, including a CO2 storage system and new material products [7] Group 5 - Conch Group's digital industry is a crucial part of its strategy to empower technology and create new growth drivers [9] - The company has made breakthroughs in intelligent manufacturing, with significant growth in external orders for its robotic solutions [9] - The implementation of unmanned transport systems in various industries has led to increased efficiency and reduced costs [9]

Core Viewpoint - The new wall materials industry is experiencing significant growth due to the increasing demand for lightweight, energy-efficient, and multifunctional building materials, with a projected market size of 13,200.7 billion yuan in 2024 and 13,489 billion yuan in 2025 [1][8][19]. Industry Definition and Classification - New wall materials are defined as lightweight, energy-saving, high-strength, and multifunctional building materials made from silicate-based raw materials like concrete, cement, and sand, incorporating industrial waste and construction debris [2][3]. - The classification of new wall materials includes non-clay brick materials, building panels, and building blocks, with types such as concrete hollow blocks, aerated concrete blocks, and gypsum boards [3]. Industry Development Status - The rapid expansion of the construction and real estate sectors in China has led to a conflict with environmental protection efforts, necessitating a shift towards energy-efficient buildings and the adoption of new wall materials [6][8]. - The market for new wall materials saw a decline from 15,620.1 billion yuan in 2021 to 13,200.7 billion yuan in 2024, with a slight recovery expected in 2025 [8]. Industry Chain Structure - The industry chain consists of upstream raw materials (concrete, cement, sand, industrial waste), midstream research and production of new wall materials, and downstream applications in real estate, infrastructure, and prefabricated buildings [10]. Industry Competition Landscape - Major players in the new wall materials market include China National Building Material Group, Anhui Conch Cement, and Xiamen Jianfa Group, which dominate a significant portion of the market share [15][19]. - The competition is intensifying as more companies invest in the research and development of new wall materials to meet the growing demand for environmentally friendly and energy-efficient construction solutions [15]. Industry Development Recommendations - The industry is encouraged to utilize agricultural and industrial waste in the production of new wall materials, which can lead to both environmental and economic benefits [23].

Group 1: Industry Overview - The construction materials industry is showing signs of recovery, with five key signals indicating that the worst is over, including price increases in multiple categories, improved cash flow quality, and reduced capital expenditure [3][20]. - The construction materials sector is gradually transitioning from underweight to neutral allocation, with new capital inflows expected to support valuation recovery [20]. Group 2: Cement Industry - The cement industry is expected to see a bottoming out of profits in 2024, with potential for capacity disposal in 2025. The average net profit per ton for cement companies is projected to be 13.7 yuan, close to historical lows [28][26]. - A total of 3,865.6 million tons of clinker capacity has been withdrawn, and further capacity reductions are anticipated as the industry moves towards rational competition [28][43]. - Major companies like Conch Cement are expected to maintain profitability due to their cost advantages and strategic positioning [54]. Group 3: Consumer Building Materials - The consumer building materials sector is experiencing price increases across multiple categories, indicating a potential turning point for the industry [3][11]. - Companies in this sector are showing improvements in cash quality and profitability, with a focus on the sustainability of demand in key urban areas [3][15]. Group 4: Fiberglass Industry - The fiberglass industry has seen multiple rounds of price increases within a year, leading to gradual profit recovery. The sector is expected to benefit from new applications and controlled capacity growth [3][61]. Group 5: Glass Industry - The flat glass sector is facing pressure from declining construction activity, with a need to monitor supply-side adjustments. The profitability of photovoltaic glass is under scrutiny following a surge in installations [3][76].

Core Viewpoint - The performance of the CSI 300 Dividend Low Volatility Index shows mixed results among its constituent stocks, with a slight overall decline, while the ETF associated with this index has seen significant inflows and strong long-term performance metrics [1][5]. Group 1: Index Performance - As of June 13, 2025, the CSI 300 Dividend Low Volatility Index decreased by 0.37% [1]. - The ETF associated with this index, CSI 300 Dividend Low Volatility ETF (515300), experienced a turnover of 4.49% during the trading session, with a total transaction value of 268 million yuan [1]. - Over the past month, the average daily transaction value of the ETF was 11.7 million yuan, and its latest scale reached 5.975 billion yuan [1]. Group 2: Stock Performance - Among the constituent stocks, Shanghai Port Group led with a gain of 1.39%, while Shanghai Bank, Industrial Bank, and Jiangsu Bank saw declines [1]. - The top ten weighted stocks in the index accounted for 36.97% of the total index weight, with China Shenhua and Gree Electric Appliances being the most significant contributors [2][4]. Group 3: Dividend and Investment Trends - The upcoming dividend season from May to July is expected to attract more investments into dividend-paying stocks, as the yield on dividend indices reaches new highs [5]. - Regulatory support for increasing insurance funds' market participation is anticipated to enhance the valuation expectations for dividend stocks [5]. - Investors without stock accounts can access investment opportunities through the corresponding CSI 300 Dividend Low Volatility ETF linked funds [5].

Core Viewpoint - The company is focusing on high-quality development across its "one foundation and five industries" strategy, which includes cement manufacturing as the core and expands into new energy, new materials, environmental protection, digital economy, and international trade. Market Expansion and Growth - The company emphasizes market-driven strategies, enhancing market presence, and innovating business models to improve efficiency and profitability [2] - The cement segment is committed to outperforming the market through targeted strategies and strengthening sales channels to maintain industry health and stabilize profits [2] New Materials and Consumer Market - The company is accelerating its entry into the consumer market, with significant growth in sales, achieving an 82% year-on-year increase in the C-end market from January to May [4] - The company has expanded its window and door market, with sales reaching 520,000 square meters, a year-on-year increase of 18% [4] Emerging Industries Development - The company is diversifying its industrial chain by investing in new energy, new materials, environmental protection, and digital economy, aiming to create new growth drivers [6] - In the new energy sector, the company has connected 18 projects to the grid this year, adding 200 MW of capacity, a threefold increase compared to the previous year [6] Environmental Protection Initiatives - The company is leveraging its status as a national hazardous waste disposal center to enhance its market influence, with over 50,000 tons of waste disposal contracts signed from January to May [8] - The company has seen a 46% year-on-year increase in external orders, particularly in the chemical industry [8] International Market Focus - The company is enhancing its international operations, with significant growth in overseas sales, achieving an 18% year-on-year increase from January to May [12] - New projects in Indonesia and Uzbekistan are underway, and the company has successfully established a U.S. patent, facilitating international market expansion [12] Digital and E-commerce Development - The company is extending its supply chain capabilities and fostering new trade models, with cross-border e-commerce revenue increasing by 22% year-on-year from January to May [12]

Group 1 - The Shanghai Central Rise Leading Enterprises Index (H50014) experienced a decline of 0.46%, closing at 3020.69 points with a trading volume of 15.059 billion yuan [1] - Over the past month, the index has decreased by 1.21%, by 2.68% over the last three months, and by 0.83% year-to-date [1] - The index is composed of leading companies from various secondary industries within selected regions, providing a reference for investors interested in China's regional economic development [1] Group 2 - The top ten weighted companies in the index include: Daqin Railway (16.7%), Luoyang Molybdenum (14.89%), Shanxi Fenjiu (14.01%), Conch Cement (13.33%), Jiangxi Copper (11.22%), JinkoSolar (3.81%), Changsha Bank (3.35%), Jiuzhoutong (2.0%), Luan Environmental Energy (1.99%), and Wentai Technology (1.93%) [1] - The index is fully represented by companies listed on the Shanghai Stock Exchange [1] Group 3 - The industry composition of the index shows that materials account for 41.97%, industrials for 25.80%, consumer staples for 14.39%, financials for 5.05%, healthcare for 4.36%, energy for 3.77%, information technology for 2.74%, communication services for 1.01%, utilities for 0.47%, and consumer discretionary for 0.46% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1] Core Viewpoints - The construction materials sector is experiencing fluctuations at the bottom of the PMI index, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report emphasizes the potential for recovery in the home decoration materials segment, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The construction materials sector has shown a slight increase of 0.18% in the past week, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -1.08% and -0.02% respectively [4] - The report highlights that the cement market price is currently at 367.8 RMB/ton, down by 3.0 RMB/ton from the previous week and down by 6.3 RMB/ton compared to the same period last year [20][21] 2. Cement Market - The average cement inventory ratio is reported at 65.7%, an increase of 0.4 percentage points from the previous week, but down by 2.5 percentage points year-on-year [25] - The average daily cement shipment rate is 47.8%, up by 1.4 percentage points from the previous week but down by 5.3 percentage points compared to last year [25] - The report notes that the cement price is expected to stabilize or slightly rebound in the coming months due to supply-side adjustments and demand recovery [12][19] 3. Glass Fiber Market - The report indicates that the profitability of the glass fiber sector remains low, with many second and third-tier companies operating at breakeven or loss [13] - The demand for high-end products in wind power and thermoplastics is expected to continue growing, which may support profitability for leading companies [13] - The report recommends companies like China Jushi and suggests monitoring others such as Zhongcai Technology and Shandong Fiberglass [13] 4. Glass Market - The glass sector is facing weak terminal demand, with inventory levels remaining high and price pressures expected to increase as the market enters a seasonal downturn [14][15] - The report recommends Qibin Group as a leading player in the glass market, with a focus on its cost advantages and growth potential in photovoltaic glass [14] 5. Home Decoration Materials - The report highlights the positive impact of government policies aimed at boosting domestic demand and stabilizing the real estate market, which is expected to enhance the demand for home decoration materials [16] - Companies such as Beixin Building Materials and Arrow Home are recommended for their strong growth potential and market positioning [16]

"水泥市场需求下滑严重，供需矛盾加剧，市场信心缺失，企业生产经营困难，纷纷通过低价恶性竞争抢占市场份额，导 致水泥价格持续下降至成本线附近，行业效益大幅下降。"数字水泥网总裁陈柏林表示。 本报记者 刘欢 近期，安徽海螺水泥股份有限公司（以下简称"海螺水泥"）、天山材料股份有限公司（以下简称"天山股份"）、甘肃上峰 水泥股份有限公司（以下简称"上峰水泥"）等多家水泥上市公司陆续召开业绩说明会，各公司高管围绕公司2024年、2025年一 季度的业绩表现和经营情况等，与投资者展开了深入交流。 从上述公司业绩说明会释放的信号来看，各企业围绕产业链延伸、绿色低碳转型等方向谋篇布局，试图在需求下行等多重 压力下，寻找突围与转型的新路径。 企业积极探索应对之策 2024年，全国及各主要消费区域水泥需求均出现接近两位数的降幅，全国规模以上企业的累计水泥产量18.25亿吨，同比下 降9.5%（按可比口径），水泥产量创下十五年以来的最低值。 从企业层面来看，Wind数据显示，2024年，A股市场18家水泥上市公司中，有10家净利润同比下滑。 "展望2025年全年，水泥行业整体盈利水平有望比2024年出现明显改善。"中国水泥协会会 ...