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《2024年年度股東 大會會議資料》，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 二零二五年五月二十一日 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 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。 安徽海螺水泥股份有限公司 2024 年年度股东大会 会 议 资 料 2025 年 5 月 29 日 | | | | | | 安徽海螺水泥股份有限公司 ANHUI C ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights the potential for increased demand in the construction materials sector, driven by various factors including government projects and rising prices in carbon fiber [1][6] - The report emphasizes the importance of companies with strong operational resilience and high dividends, particularly in the consumer building materials segment [6] - The report suggests that domestic investment expectations are strengthening, with a focus on infrastructure and construction companies benefiting from increased demand [6][9] Summary by Sections Construction Materials - Beneficiaries include companies like Guangdong Hongda, Xuefeng Technology, and Guotai Group due to high demand in civil explosives and major projects like the Yarlung project entering the construction phase [1] - Carbon fiber price increases are noted, with companies such as Zhongfu Shenying and Jilin Chemical Fiber expected to benefit from emerging demand [1] - Companies with strong operational resilience and high dividends, such as Dongfang Yuhong and Weixing New Materials, are recommended for their potential to benefit from domestic consumption stimulus [1][6] Cement Market - The national average cement price is reported at 378.67 RMB/ton, with a decline of 1.1% week-on-week, particularly in regions like North China and East China [3][27] - Cement demand has shown slight recovery but remains 6-7% lower year-on-year, with supply pressures continuing to affect pricing [3][27] - Recommendations include leading cement companies like Conch Cement and Huaxin Cement, which are expected to benefit from domestic demand and industry self-discipline measures [6] Real Estate Market - The report indicates a short-term low overall market sentiment in the new and second-hand housing markets, with new housing transaction area down 12% year-on-year [2][22] - The report tracks transaction data across major cities, highlighting a mixed performance in the real estate sector [2][22] Emerging Opportunities - The report identifies opportunities in the domestic ship coating market, with companies like Maijia Xincai and Songji Co. expected to benefit from rising demand and domestic substitution trends [6][9] - The "Belt and Road" initiative is seen as a catalyst for international engineering projects, with companies like China State Construction and China Metallurgical Group recommended for potential benefits [6][9]

Investment Rating - The report maintains a "Positive" outlook for the building materials industry [2] Core Insights - The building materials sector continues to experience historical lows in 2024 and 2025, but signs of improvement are emerging [4][12] - Revenue for the building materials sector in 2024 is projected at CNY 682.93 billion, a year-on-year decline of 12.41%, ranking second to last among 31 industries [4][16] - In Q1 2025, the sector's revenue decline narrowed to 1.60%, with a revenue of CNY 129.83 billion, improving its ranking to 18th among industries [5][40] - The net profit margin and return on equity (ROE) are at historical lows, with the sector's net profit margin dropping to 2.61% in 2024 [25][28] Summary by Sections 1. Industry Performance Overview - The building materials sector's revenue and net profit continue to decline in 2024, remaining at the bottom of industry rankings [4][16] - Q1 2025 shows a narrowing revenue decline and improvements in net profit and cash flow, with a net profit of -CNY 243 million, a 74.02% year-on-year increase [5][44] 2. Segment Performance - In Q1 2025, segments like cement and glass fiber show positive revenue growth, with cement revenue up 0.11% and glass fiber up 25.24% [6][55] - Most segments, except for pipes, show improvements in net profit year-on-year, with cement, glass fiber, refractory materials, and coatings ending their respective revenue declines [6][58] 3. Investment Strategy - The report suggests that leading companies in the sector can achieve better growth in a challenging environment through internal and external development strategies [8][81] - The anticipated recovery of the real estate sector is expected to stabilize demand for building materials, leading to valuation recovery in the industry [8][84] - Recommended companies include Beixin Building Materials, Weixing New Materials, Shandong Pharmaceutical Glass, and others [8][84]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][20]. Core Views - The company's Q1 2025 performance met expectations, with a revenue of 19.051 billion yuan and a net profit attributable to shareholders of 1.810 billion yuan, reflecting a year-on-year decrease in revenue of 10.67% but an increase in net profit of 20.51% [1]. - The industry is experiencing marginal improvements in supply and demand, with a national cement production decrease of 1.4% year-on-year in the first quarter, while the company's main region, East China, saw a decline of 2.9% [2]. - The company plans to achieve a total cement and clinker sales volume of 268 million tons for the year, with capital expenditures of 11.98 billion yuan, a decrease of 23% from the previous year [2]. Financial Performance - In Q1 2025, the overall gross margin was 22.88%, an increase of 5.13 percentage points year-on-year, with a net profit margin of 9.32%, up 2.34 percentage points year-on-year [2]. - The company's operating cash flow net amount reached 503 million yuan, an increase of 343 million yuan year-on-year, indicating improved cash flow [2]. - The forecast for net profit attributable to shareholders for 2025-2027 is set at 10.1 billion, 11.6 billion, and 12.5 billion yuan respectively [3]. Production Capacity and Market Position - As of the end of 2024, the company has a clinker production capacity of 27.4 million tons and a cement production capacity of 40.3 million tons, showcasing significant scale advantages [3]. - The average cement price in East China for Q1 was 393 yuan per ton, reflecting an increase of 8% year-on-year, with expectations for continued price increases in Q2 [2][3]. Financial Data and Valuation - The projected revenue for 2025 is 100.62 billion yuan, with an expected growth rate of 10.54% [4]. - The earnings per share (EPS) for 2025 is estimated at 1.91 yuan, with a price-to-earnings (P/E) ratio of 12.48 [4].

Group 1 - The CSI 300 Dividend Low Volatility Index decreased by 0.07% as of May 15, 2025, with mixed performance among constituent stocks [1] - China Shenhua led the gains with an increase of 1.48%, followed by China Life Insurance at 1.21% and Hangzhou Bank at 0.85%, while GF Securities experienced the largest decline [1] - The CSI 300 Dividend Low Volatility ETF (515300) saw a trading volume of 32.31 million yuan during the session, with an average daily trading volume of 114 million yuan over the past week [1] Group 2 - The latest size of the CSI 300 Dividend Low Volatility ETF reached 5.631 billion yuan, marking a one-year high [1] - Over the past five trading days, there were net inflows on four days, totaling 66.32 million yuan [1] - As of April 30, 2025, the top ten weighted stocks in the index accounted for 37.43% of the total, including China Shenhua, Gree Electric, and China Petroleum [1] Group 3 - Huatai Securities anticipates that a series of policies aimed at stabilizing the market and expectations will support risk appetite, with resilient inflation and export data for April [2] - The recent issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" by the CSRC is expected to reshape the A-share market ecosystem [2] - Sectors such as large-cap stocks, financials, public utilities, and oil & petrochemicals are likely to benefit from the guidance towards long-term capital inflow and asset allocation [2]

Summary of Conference Call Notes Industry Overview - The conference call discusses the construction materials industry, particularly focusing on cement and glass products, amidst recent monetary policy changes by the central bank [1][2]. Key Points and Arguments - **Monetary Policy Impact**: The central bank announced a 0.5% reduction in the reserve requirement ratio and a 0.1% decrease in policy interest rates, expected to inject approximately 1 trillion yuan into the market [3]. - **Cement Market Performance**: As of May 9, the national cement shipment rates were reported at 48%, with regional rates in East and South China at 52% and 54% respectively, showing a month-on-month decline of 1.5%, 0.9%, and 7.2 percentage points [1]. - **Price Trends**: The average price of cement decreased by 4.5 yuan per ton to 387 yuan per ton, marking a 15 yuan drop since early April [1]. - **Glass Market Update**: The average price of float glass was reported at 1318 yuan per ton, down 14 yuan from the previous week, with inventory levels at 58.17 million heavy boxes, an increase of 3.4% [1]. - **Fiber Market**: The average price of alkali-free glass fiber yarn in East China was 3650 yuan per ton, down 50 yuan from before the May Day holiday [1]. Investment Opportunities - **Excess Return Potential**: Historical data suggests that the construction materials sector has a high probability of achieving excess returns compared to the CSI 300 index when the real estate market shows signs of stability and improvement [3][4]. - **Real Estate Market Indicators**: As of April 28, the second-hand housing price index for first and second-tier cities was 196.84 and 145.02 respectively, indicating a stabilization trend. Notably, the investment amount from 30 monitored real estate companies reached 87.6 billion yuan in April, a year-on-year increase of nearly 100% [3]. Recommended Investment Lines - **Main Line One**: Focus on large-scale construction materials with improving supply-demand dynamics, emphasizing price elasticity and high dividend yields [5]. - **Main Line Two**: Favorable outlook on leading consumer building material companies with long-term growth potential, highlighting performance elasticity in high-demand consumer segments [7]. - **Main Line Three**: Interest in companies transitioning or expanding into high-growth sectors such as semiconductors, AI, and robotics [7]. Recommended Companies - **Cement Companies**: Conch Cement, Huaxin Cement, China Jushi, TPI Cement, Shangfeng Cement, Changhai Co. [6]. - **Consumer Building Materials**: Sankeshu, Oriental Yuhong, Beixin Building Materials, Weixing New Materials, Tubao, with a focus on Jianlang Hardware, Qinglong Pipeline, and Longquan Co. [7]. - **High-Growth Companies**: Quartz Co., Planet Graphite, with attention to Zhongqi New Materials [8]. Risk Factors - Potential risks include demand falling short of expectations, gross margins not meeting forecasts, and delays in receivables [8].

ANHUI CONCH CEMENT COMPANY LIMITED 00914 經修訂代理人委任表格 本人╱吾等 （註1） （通訊地址為 ） 股東簽署： （註1） 附註： 股東就所有或部分董事所投總票數超出該股東可投總票數時，所有票數將告無效，並被視為放棄投票；當股東就所有或部分董事所投總 票數等於或少於該股東可投總票數時，投票方始有效，而餘下並無行使表決權的票數將被視為放棄投票。運用以上例子，就決議案14而 言，如該股東行使500股表決權予一位執行董事，則該股東的表決權已經用盡，其對其他執行董事不再有表決權，否則該股東對決議案14 的表決全部無效。如該股東行使400股表決權予一位或多位執行董事，則該股東行使的400股的投票有效，剩餘100股表決權視為其放棄表 決權。 倘某一董事所獲得的贊成票數超過出席大會所有股東所持有的股份總數（以未累積的股份數為準）的二分之一，則該候選人獲選為董事。 倘獲選的董事少於應選董事人數，則須進行新一輪投票選舉餘下董事，直至應選董事額滿為止。於進行新一輪投票選舉董事時，股東大 會須根據每輪選舉的應選候選人人數重新計算股東的累積表決票數。 為安徽海螺水泥股份有限公司（「貴公司」或 ...

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） | | 實行累積投票制之普通決議案 | | | --- | --- | --- | | 14. | 批准重選及委任以下每位退任執行董事，任期自本決議案通過之日起 | 累積投票 | | | 至第十屆董事會任期結束止：（請就以下 14(a)至 14(e)每項填寫票數） | （請填寫投票的股份 | | | | 數目） | | | (a)重選及委任楊軍先生為執行董事。 | | | | (b)重選及委任朱勝利先生為執行董事。 | | | | (c)重選及委任李群峰先生為執行董事。 | | | | (d)重選及委任吳鐵軍先生為執行董事。 | | | | (e)重選及委任虞水先生為執行董事。 | | | 15. | 批准重選（或選舉，視情況適用）及委任以下每位退任或新任（視情 | ...

Core Viewpoint - The "Dongwu Securities 2025 Economic and Investment Summit" successfully gathered over a hundred top listed companies with a total market value of nearly 10 trillion yuan, focusing on macroeconomic trends, technological innovation, and sustainable development [2][3][15]. Group 1: Event Overview - The summit took place on May 7 in Shanghai, featuring 500 representatives from listed companies and investment institutions discussing key market topics [2][3]. - Notable companies such as BYD, SMIC, and Ctrip were recognized as the best listed companies, collectively valued at approximately 10 trillion yuan [2][15]. Group 2: Key Themes and Discussions - The summit's theme was "Pursuing Dreams on the Yangtze River, Striving for Long-term Success," emphasizing the exploration of economic and investment opportunities in the new macro environment [3]. - Keynote speeches highlighted the transition of China's economic growth from factor and investment-driven to innovation-driven, with a focus on governance upgrades and sustainable practices [11]. Group 3: Awards and Recognitions - The "Best Listed Company" and "Best Hong Kong Company" awards were presented, aimed at promoting high-quality development and recognizing companies excelling in ESG practices and brand strength [15][16]. - The evaluation for the "Best Listed Company" included all A-share companies listed before December 31, 2022, assessing their information disclosure quality and sustainability practices [15]. Group 4: Future Initiatives - The "Best Secretary of the Board" award will be launched in May 2025, with discussions on governance and market practices already taking place in various cities [17][19]. - The summit also served as a platform for enhancing communication between listed companies and financial institutions, fostering collaboration and knowledge sharing [18].

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [1] Core Views - The short-term economic downturn is causing the real estate chain to hover at the bottom, but the overall direction remains positive with expectations for recovery in the home improvement sector by Q3 2025 [3][4] - The cement market is experiencing a slight price decline, with the national average price at 387.7 RMB/ton, down 3.2 RMB/ton from last week but up 29.7 RMB/ton year-on-year [3][19] - The report highlights the potential for recovery in demand for building materials, driven by government policies aimed at stabilizing the real estate market and boosting domestic consumption [15] Summary by Sections 1. Industry Overview - The building materials sector saw a decline of 2.14% this week, underperforming the CSI 300 index, which fell by 0.43% [3] - The report emphasizes the importance of low-valuation leading companies and expansion-oriented firms as key investment targets [3][4] 2. Bulk Building Materials Fundamentals and High-Frequency Data 2.1 Cement - The national cement market price has decreased by 0.8% this week, with regional variations noted [18] - The average cement inventory level is at 61.7%, down 0.1 percentage points from last week [27] - The report anticipates a weak but stable price trend moving forward due to ongoing supply-demand adjustments [4][18] 2.2 Glass Fiber - The glass fiber industry is expected to see a gradual recovery in profitability, with demand from wind power and thermoplastics sectors continuing to grow [12] - The report suggests that leading companies may benefit from structural advantages and cost efficiencies [12] 2.3 Glass - The glass industry is currently facing a weak balance between supply and demand, with slow inventory depletion [13] - The report indicates that rising costs from petroleum coke may impact profitability, but leading companies are expected to maintain competitive advantages [14] 3. Industry Dynamics Tracking - The report notes that government policies are increasingly focused on stimulating domestic demand and stabilizing the real estate market, which is expected to positively impact the building materials sector [15] - The anticipated implementation of "old-for-new" policies in 2025 is expected to further boost demand for home improvement materials [15] 4. Weekly Market Review - The report provides a detailed analysis of price changes in the cement market, highlighting significant regional differences [20] - It also includes a summary of the performance of various building materials companies, emphasizing those with strong growth potential and competitive advantages [16][17]