Summary of Huaxin Cement Co. Conference Call Company Overview - **Company**: Huaxin Cement Co (600801.SS) - **Industry**: Greater China Cement - **Market Cap**: US$5,636 million - **Current Share Price**: Rmb21.20 - **Price Target**: Rmb26.20, representing a 24% upside from the current price [3][3] Key Financial Metrics - **Fiscal Year Ending**: December - **Projected EPS**: - 2026e: Rmb1.80 - 2027e: Rmb1.90 - **Projected Revenue**: - 2026e: Rmb39,476 million - 2027e: Rmb40,936 million - **Projected EBITDA**: - 2026e: Rmb11,894 million - 2027e: Rmb12,473 million - **P/E Ratio**: - 2026e: 11.8 - 2027e: 11.1 - **Dividend Yield**: - 2026e: 3.4% - 2027e: 3.6% [3][3] 1Q26 Performance - **Profit**: Rmb520-720 million, compared to Rmb230 million in 1Q25, driven by strong overseas growth, particularly from the Nigerian unit [6][6] - **Overseas Cement Capacity**: - Target to grow from 40 million tons in 2025 to 50 million tons in 1-2 years, and 70 million tons in 3-5 years - 2026 overseas shipment target is 27 million tons, an increase of 7 million tons YoY [6][6] Strategic Initiatives - **M&A Opportunities**: Actively pursuing overseas M&A, including CSN cement assets in Brazil, though pricing details are pending [6][6] - **Capex Budget for 2026**: Rmb15 billion, with Rmb3.3 billion allocated for domestic business and the remainder for overseas expansion and M&A [6][6] Market Conditions and Risks - **Impact of Middle East Conflict**: Management believes cost increases can be passed through, but there may be demand uncertainty if tensions persist [6][6] - **Upside Risks**: - Better-than-expected demand in Hubei and Yunnan could mitigate supply/demand imbalances - Stricter production suspensions and environmental regulations could benefit pricing [8][8] - **Downside Risks**: - Weak fundamentals in Guizhou affecting pricing in southwestern and central China - Slower-than-expected growth in overseas business [9][9] Valuation Methodology - **Discounted Cash Flow Model**: Utilizes a cost of equity of 13.1%, with a risk-free rate of 2.7%, risk premium of 7.3%, and a beta of 1.4. Terminal growth rate set at 2% [7][7] Conclusion - **Stock Rating**: Overweight, indicating expected performance to exceed the average total return of the industry [3][3] - **Overall Industry View**: In-Line, suggesting performance is expected to align with the broader market [3][3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market by more than 15% over the next 12 months [13][22]. Core Views - The company reported a net profit attributable to shareholders of RMB 2.85 billion for 2025, representing an 18.1% year-on-year increase, with a non-recurring net profit of RMB 2.69 billion, up 51% year-on-year [8][9]. - The overseas cement business is experiencing significant growth, with a 25% increase in sales volume to 2.03 million tons in 2025, contributing to 33% of revenue and 46% of gross profit from overseas operations [10][11]. - The domestic cement business showed a slight improvement in profitability, with a projected sales volume of 4.165 million tons in 2025, down 5.5% year-on-year, but with expected gross margin improvement due to cost reductions [10][11]. Financial Summary - Revenue projections for the company are as follows: - 2024: RMB 34.22 billion - 2025: RMB 35.35 billion - 2026: RMB 39.66 billion - 2027: RMB 42.53 billion - 2028: RMB 45.43 billion - Growth rates are projected at 1.4%, 3.3%, 12.2%, 7.3%, and 6.8% respectively [2]. - EBITDA is expected to grow from RMB 8.15 billion in 2024 to RMB 14.31 billion in 2028, reflecting a strong upward trend [2]. - The company’s net profit is projected to reach RMB 5.17 billion by 2028, with a compound annual growth rate of 11.7% from 2026 to 2028 [2][12]. Valuation Metrics - The report estimates the company's price-to-earnings (P/E) ratio to be 10.4 in 2024, increasing to 17.9 in 2025, and then decreasing to 8.5 by 2028 [2][12]. - The estimated reasonable value for the company's A-shares is RMB 28.24 per share, while the H-shares are valued at HKD 21.33, based on a target P/E of 15 times for 2026 [13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10][11]. Core Insights - The company reported a revenue of 35.348 billion yuan for 2025, representing a year-on-year growth of 3.3%, and a net profit attributable to shareholders of 2.853 billion yuan, which is an 18.1% increase year-on-year [2][6]. - Overseas operations are the main contributor to the growth in operating performance, with overseas cement and clinker sales reaching 20.3 million tons, a 25% increase year-on-year [7]. - The company plans to maintain high growth in overseas sales, targeting a total sales volume of 67 million tons in 2026, an 8% increase from the previous year [8]. - A new stock incentive plan has been announced for core management personnel, with a total funding cap of 23.99 million yuan for H-share repurchase [9]. Financial Performance Summary - Domestic cement and clinker sales decreased by 5% to 41.65 million tons, with a domestic revenue per ton of 240 yuan, down by 9 yuan per ton [7]. - The overseas revenue per ton is projected to be 552 yuan, an increase of 73 yuan per ton, with a gross profit per ton of 232 yuan, up by 71 yuan per ton [7]. - The company expects net profits of 4 billion yuan and 5 billion yuan for 2026 and 2027, respectively, corresponding to price-earnings ratios of 11 and 8 times [10].

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。 華新建材集團股份有限公司 HUAXIN BUILDING MATERIALS GROUP CO., LTD.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：6655） 2026 年第一季度業績預告 本公告乃由華新建材集團股份有限公司（「本公司」）根據《香港聯合交易所有 限公司證券 上市規則》（「香港上市規則」）第 13.09 條及香港法例第 571 章 《證券及期貨條例》第 XIVA 部 項下內幕消息條文（定義見香港上市規則）刊發。 一、本期業績預告情況 （一）業績預告期間 二、上年同期業績情況 （一）利潤總額：人民幣 5.0 億元。歸屬於母公司所有者的淨利潤：人民幣 2.3 億元。歸屬於母公司所有者的扣除非經常性損益的淨利潤：人民幣 2.4 億元。 （二）每股收益：人民幣 0.11 元。 三、本期業績變化的主要原因 報告期內，公司業績實現顯著增長，主要得益於海外新增產能穩步釋放，為銷量 提 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of RMB 520 million to RMB 720 million for Q1 2026, an increase of RMB 290 million to RMB 490 million compared to the same period last year, representing a year-on-year growth of 126% to 213%[5] - The expected net profit excluding non-recurring gains and losses for Q1 2026 is also RMB 520 million to RMB 720 million, with a year-on-year increase of RMB 280 million to RMB 480 million, reflecting a growth of 117% to 200%[5] - The net profit for the same period last year was RMB 230 million, with a total profit of RMB 500 million and a net profit excluding non-recurring gains and losses of RMB 240 million[8] - The earnings per share for the same period last year was RMB 0.11[9] Performance Drivers - The significant growth in performance is attributed to the steady release of new overseas production capacity, which has effectively supported sales growth and improved overall operational results[10] Forecast Validity - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by a registered accounting firm[11] - The company has not identified any major uncertainties that could affect the accuracy of this performance forecast[11] - Investors are advised that the above forecast data is preliminary and the specific financial data will be disclosed in the official Q1 2026 report[12] - The announcement was made by the board of directors of the company on April 1, 2026[13]

HUAXIN BUILDING MATERIALS GROUP CO., LTD.* 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。 華新建材集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） (Stock Code: 6655) 董事名單與其角色和職能 華新建材集團股份有限公司董事（「董事」）會（「董事會」）成員載列如下： 非執行董事兼董事長 徐永模先生 執行董事 李葉青先生 張繼平先生 江泓先生 1 | 董事會下設五個委員會。下表提供各董事會成員在此等委員會中所擔任職務之信息： | | --- | | | 委員會 | 審計委員會 | 提名委員會 | 薪酬與考核 | 戰略委員會 | 治理與合規 | | --- | --- | --- | --- | --- | --- | --- | | 董事 | | | | 委員會 | | 委員會 | | 徐永模先生 | | M | | M | M | | | 李葉青先生 | | | M | | C | ...

香港交易及结算所有限公司及香港联合交易所有限公司对本公告的内容概不负责，对其准确性或 完整性亦不发表任何声明，并明确表示，概不对因本公告全部或任何部份内容而产生或因倚赖该 等内容而引致的任何损失承担任何责任。 HUAXIN BUILDING MATERIALS GROUP CO., LTD.* 華新建材集團股份有限公司 (a joint stock limited company incorporated in the People's Republic of China) (Stock Code: 6655) 執行董事兼副總裁辭任 華新建材集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣 佈，董事會於2026年3月30日收到劉鳳山先生的辭職申請，劉鳳山先生因已屆退休年齡， 提出辭去本公司執行董事、副總裁及董事會治理與合規委員會委員職務。 根據《中華人民共和國公司法》及《公司章程》（「公司章程」）的相關規定，劉鳳山先 生的辭職不會導致董事會成員低於法定最低人數，並不會影響董事會的正常工作。劉鳳山 先生的辭呈自辭職申請送達之日起生效，即2026年3月30日。本公司將按照相關法律法規 和《公司 ...

一、提前离任的基本情况 二、离任对公司的影响 根据《公司法》及《公司章程》的有关规定，刘凤山先生辞去公司董事职务不会导致公 司董事会人数低于法定最低人数，不会影响公司董事会的正常运行，其辞职报告在到达董事 会后即时生效。刘凤山先生不存在未履行完毕的公开承诺。刘凤山先生担任公司董事、董事 会治理与合规委员会委员、副总裁期间恪尽职守、勤勉尽责，公司及董事会对刘凤山先生任 职期间所做工作表示衷心感谢！ 证券代码：600801 证券简称：华新建材 公告编号：2026-010 华新建材集团股份有限公司 关于公司董事兼副总裁辞职的公告 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个别及连带责任。 重要内容提示： 华新建材集团股份有限公司（以下简称"公司"）董事会于近日收到公司董事兼副总裁 刘凤山先生的辞职报告，因其退休，刘凤山先生申请辞去公司董事、董事会治理与合规委员 会委员职务、副总裁。 | 姓名 | 离任职务 | 离任时 | 原定任期 | 离任 | 是否继续在上 | 具体职 | 是否存在未 | | --- | --- | --- | --- ...

Investment Rating - The investment rating for the company is "Hold" [11] Core Views - The company reported a revenue of 35.35 billion yuan for 2025, representing a year-on-year growth of 3.3%, and a net profit attributable to shareholders of 2.85 billion yuan, which is an 18.1% increase year-on-year [7] - The company achieved a significant increase in overseas revenue, with a 48% year-on-year growth, contributing to over 50% growth in net profit from international operations [7][10] - The company has established itself as a leading global building materials group, with operations in 17 provinces in China and 22 countries overseas, marking a transition from pure scale expansion to a mature business unit with strong self-sustaining capabilities [7][8] Summary by Relevant Sections Financial Performance - In 2025, the company achieved a total revenue of 35.35 billion yuan, with a profit margin of 30.22%, an increase of 5.5 percentage points from 2024 [7] - The company’s basic earnings per share (EPS) for 2025 was 1.37 yuan, reflecting an 18.1% year-on-year increase [7] - The company’s total profit for 2025 was 4.95 billion yuan, a 20.39% increase compared to the previous year [7] Sales and Production - The company sold 61.96 million tons of cement and clinker in 2025, a 2.8% increase year-on-year, with aggregate sales reaching 161 million tons, up 12.19% [7] - The company maintained its position as the top producer in the aggregate industry in China, achieving record production and sales [7] Cost Management - Effective cost control measures led to an increase in gross margin, with the gross margin for cement and clinker business rising by 9.35 percentage points to 32.72% [7] - The net profit margin for the year was 10%, an increase of 1.4 percentage points from 2024 [7] Strategic Development - The company has successfully completed the acquisition of the Lafarge project in Nigeria and is advancing the aggregate project in Brazil, solidifying its position as the largest overseas cement producer in China [7][8] - The international business is now entering a phase of performance realization, with high-margin markets abroad becoming a core support for profit growth [8]

Group 1: Jin Hui Jiu (金徽酒) - The company reported a revenue of 2.918 billion yuan in 2025, a decrease of 3.40% year-on-year, with a net profit of 354 million yuan, down 8.70% [6][7] - The company’s contract liabilities increased by 28.4% year-on-year to 820 million yuan, indicating a strong sales cash collection of 3.502 billion yuan, up 2.42% [6][8] - High-end product sales above 300 yuan increased by 25.21% to 709 million yuan, contributing to an improved product structure [7][8] Group 2: Jin Li Yong Ci (金力永磁) - The company achieved a total revenue of 7.718 billion yuan in 2025, a year-on-year increase of 14.11%, with a net profit of 706 million yuan, up 142.44% [10][11] - The main revenue source was from new energy vehicles and components, generating 3.941 billion yuan, a growth of 30.31% [11] - The company’s gross margin improved significantly to 21.18%, an increase of 10.05 percentage points year-on-year [10] Group 3: He Huang Yi Yao (和黄医药) - The company reported a revenue of 548.5 million USD in 2025, a decrease of 13%, with a net profit of 456.9 million USD [14][15] - The ATTC platform shows potential, with expected revenue growth of 14.9% to 8.34 billion USD by 2028 [16] - The company has a strong cash position and is focusing on international expansion [16] Group 4: Kai Li Yi Liao (开立医疗) - The company’s revenue for the first three quarters of 2025 was 1.459 billion yuan, a year-on-year increase of 4.37% [18][19] - New product lines are driving growth, with significant increases in sales for minimally invasive surgical products [19][20] - The company is expected to achieve EPS of 0.34, 0.82, and 1.07 yuan for 2025, 2026, and 2027 respectively [20] Group 5: Yi Hai Guo Ji (颐海国际) - The company reported a revenue of 6.613 billion yuan in 2025, a slight increase of 1.12%, with a net profit of 854 million yuan, up 15.49% [22][23] - The overseas market showed strong growth, with third-party overseas sales increasing by 45.4% [23] - The company’s gross margin improved to 32.7%, an increase of 1.5 percentage points year-on-year [24] Group 6: Hai Tian Wei Ye (海天味业) - The company achieved a revenue of 28.87 billion yuan in 2025, a year-on-year increase of 7.3%, with a net profit of 7.04 billion yuan, up 11% [26][27] - The company’s three main product categories saw stable pricing trends, with soy sauce revenue increasing by 8.5% [27][28] - The gross margin improved to 40.22%, an increase of 3.2 percentage points year-on-year [28] Group 7: Hai Er Zhi Jia (海尔智家) - The company reported a revenue of 302.3 billion yuan in 2025, a year-on-year increase of 5.7%, with a net profit of 19.6 billion yuan, up 4.4% [30][31] - The company announced a dividend payout ratio of 55%, an increase of 7 percentage points year-on-year [31] - The company is focusing on AI and smart home innovations, aiming to lead in the smart household sector [31] Group 8: Xing Ye Zheng Quan (兴业证券) - The company achieved a revenue of 11.841 billion yuan in 2025, a year-on-year increase of 21%, with a net profit of 2.87 billion yuan, up 32.6% [33][34] - The brokerage business saw a significant increase in market share, with trading volumes reaching 13.74 trillion yuan, up 81.4% [34] - The company’s asset management scale expanded, with public fund sizes growing by 15% [34] Group 9: Dong Fang Zheng Quan (东方证券) - The company reported a revenue of 15.358 billion yuan in 2025, a year-on-year increase of 26.2%, with a net profit of 5.634 billion yuan, up 68.2% [37][38] - The asset management business showed positive growth, with a significant increase in client accounts [38] - The company completed 15 A-share equity financing projects, ranking 7th in the industry [38] Group 10: Hua Xin Jian Cai (华新建材) - The company achieved a revenue of 35.348 billion yuan in 2025, a year-on-year increase of 3.31%, with a net profit of 2.853 billion yuan, up 18.09% [41][42] - The overseas business contributed significantly, with overseas sales increasing by 25.3% [42] - The company’s gross margin improved to 30.22%, an increase of 5.53 percentage points year-on-year [43] Group 11: Xi Bu Kuang Ye (西部矿业) - The company reported a revenue of 61.69 billion yuan in 2025, a year-on-year increase of 23.3%, with a net profit of 3.64 billion yuan, up 24.3% [45][46] - The company’s copper production decreased by 5.65%, while zinc and lead production increased significantly [46] - The company is expanding its resource reserves, with new exploration projects underway [46][47] Group 12: Shen Huo Gu Fen (神火股份) - The company achieved a revenue of 41.241 billion yuan in 2025, a year-on-year increase of 7.47%, with a net profit of 4.005 billion yuan, down 7% [49] - The electrolytic aluminum business performed well, with production increasing by 8.95% [49] - The company’s gross margin improved to 23.36%, an increase of 2.13 percentage points year-on-year [49]