致：华新水泥股份有限公司 华新水泥股份有限公司股东会法律意见书 湖北松之盛律师事务所 关于华新水泥股份有限公司 2025 年第一次临时股东会 法律意见书 公司本次股东会现场会议于 2025 年 3 月 19 日如期召开，会议召 开的实际时间、地点和内容与公告一致。 公司本次股东会采用上海证券交易所股东大会网络投票系统，通 过交易系统投票平台的投票时间为 2025 年 3 月 19 日 9:15-9:25， 9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为 2025 年 3 月 19 日 9:15-15:00。 经验证，本次股东会的召集、召开程序符合法律、行政法规、《股 东大会规则》和《公司章程》的规定。 二、关于本次股东会出席会议人员、召集人的资格 （一）出席本次股东会的股东 湖北松之盛律师事务所（以下简称"本所"）接受华新水泥股份 有限公司（以下简称"公司"）的委托，指派我们出席公司 2025 年 第一次临时股东会（以下统称"本次股东会"），并就本次股东会的 召集、召开程序的合法性、出席会议人员资格、召集人资格以及表决 程序和表决结果的合法有效性出具法律意见。 为出具本法律意见书 ...

重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | | 596 | | --- | --- | --- | | 其中：A 股股东人数 | | 595 | | 境外上市外资股股东人数（H 股） | | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,361,576,026 | | | 其中：A 股股东持有股份总数 | | 911,718,043 | | 境外上市外资股股东持有股份总数（H 股） | | 449,857,983 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | | 份总数的比例（%） | | 65.4920 | 证券代码：600801 证券简称：华新水泥 公告编号：2025-005 华新水泥股份有限公司 2025 年第一次临时股东会决议公告 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。 (一) 股东大会召开的时间：2025 年 3 月 19 日 (二) 股东大会召开的地点：湖北省武汉市东湖新技术开发区高新大道 4 ...

Summary of Huanxin Cement Conference Call Industry Overview - The cement market in 2025 is expected to perform relatively well, with a gradual price increase anticipated due to several key factors [3][4][6] - The supply-demand balance in the cement industry is stabilizing, influenced by production control and varying recovery rates between northern and southern regions [4][5][6] Key Points Market Dynamics - The cement market is experiencing a controlled supply with delayed kiln openings, particularly in the southern market, which is gradually recovering but overall demand has not exceeded expectations [4][5] - Factors affecting cement demand include municipal infrastructure, real estate, and new rural construction, with a need to monitor funding availability and policy rhythms [4][6] Supply-Side Trends - There is a noticeable trend of later kiln openings compared to previous years, with significant production halts in January and February 2025 [7][8] - Major state-owned enterprises are focusing on supply control to avoid price wars and significant losses, leading to a reduction in effective market supply [8][9] Profitability and Strategy Adjustments - The industry's profit-seeking behavior is driving companies to adjust strategies, emphasizing production control to maintain profit levels after experiencing substantial losses in previous years [8][9] - The cement industry is expected to see a more stable market in 2025, with price stability being a key focus due to the lessons learned from past price wars [9][10] Huanxin Cement's Position - Huanxin Cement has a strong overseas business presence, with investments in 21 countries and a total capacity of 50 million tons, of which 35 million tons are overseas [4][11] - The company is focusing on low-carbon initiatives, having published a low-carbon white paper and entered the European low-carbon supply chain, positioning itself for future opportunities in carbon trading [15][16] Domestic Market Performance - Domestically, Huanxin Cement's operations are concentrated in Hunan, Hubei, and Yunnan, with Hubei being a significant base contributing to revenue [13][14] - The company has seen price increases earlier than expected in 2025, positively impacting its performance, with integrated business operations, particularly in aggregates, contributing significantly to profits [13][14] Investment Recommendation - Huanxin Cement is recommended for investment due to its strong growth potential in overseas markets, cost advantages in integrated operations, solid domestic foundation, and leadership in low-carbon initiatives [16]

证券研究报告|行业研究周报 [Table_Date] 2025 年 03 月 16 日 [Table_Title] 行业旺季渐行渐近，关注提价背后投资机会 [Table_Title2] 建筑材料 [Table_Summary] ►本周受益标的：（1）下游需求逐步恢复，叠加行业自律错峰生 产执行落地，推荐海螺水泥、华新水泥，塔牌集团等受益。（2） 风险逐步出清，推荐经营韧性超强的兔宝宝等；二手房交易数据 持续亮眼，叠加扩内需，促消费，推荐具备α属性的消费建材标的 三棵树、伟星新材等。（3）政府工作报告再提低空，推荐华设集 团、设计总院；深城交、苏交科、隧道股份等受益。（4）国家重 大工程雅鲁项目主体工程有望进入开工期，推荐重点工程中岩大 地。（5）推荐松井股份，汽车涂料国产替代需求旺盛，公司有望 放量；以机器人为代表的新型涂料潜在需求大。 ►第 11 周（03/09-03/15）新房交易逐步回温，二手房热度不 减。（1）30 城大中城市商品房交易数据：今年第 11 周，国内 30 大中城市商品房成交面积（新房）165.26 万㎡，同比+2%，环比 +14%；累计交易面积 1733.17 万㎡，同比+11%；从交 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 15.51 RMB based on a 13x valuation for 2025 [3]. Core Viewpoints - The company is well-positioned for growth in overseas markets, particularly in Africa, South America, and the Middle East, benefiting from its early entry and flexible decision-making [2][3]. - The company has diversified its business structure, with concrete and aggregate contributing nearly 50% to gross profit, and has made significant strides in low-carbon initiatives [3][11]. - The company’s revenue is expected to grow steadily, with projected revenues of 343.96 billion RMB, 384.64 billion RMB, and 422.68 billion RMB for 2024-2026, reflecting growth rates of 2%, 12%, and 10% respectively [3][6]. Summary by Sections Company Overview - Founded in 1907, the company specializes in cement, aggregates, and concrete, with a strong domestic presence in Hubei and Hunan provinces and international operations in Africa and the Middle East [1][11]. - In the first three quarters of 2024, the company achieved revenues of 24.719 billion RMB, a year-on-year increase of 2.3%, while net profit attributable to shareholders was 1.138 billion RMB, a decrease of 39.3% [1]. Overseas Expansion - The company has established a significant overseas presence, with a cement grinding capacity of 22.54 million tons and a clinker capacity of 15.44 million tons as of 2024H1, aiming for a total capacity of 50 million tons in the medium to long term [2][30]. - The company is actively acquiring quality assets in Nigeria and Brazil, with Nigeria being a key market due to its high economic potential and favorable market structure [2][33]. Domestic Market - The company has strengthened its domestic market position, with concrete and aggregate contributing nearly 50% to gross profit, and has been proactive in low-carbon development since 2021 [3][11]. - Despite a downward trend in domestic cement demand, the company has managed to maintain revenue growth through diversification and international expansion [3][18]. Financial Projections - The company’s revenue projections for 2024-2026 are 343.96 billion RMB, 384.64 billion RMB, and 422.68 billion RMB, with corresponding net profits of 21.01 billion RMB, 24.80 billion RMB, and 31.17 billion RMB [3][6]. - The report anticipates a decline in net profit for 2024, followed by a recovery in subsequent years, with growth rates of -24%, 18%, and 26% for net profit from 2024 to 2026 [3][6].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 15.51 RMB based on a 13x valuation for 2025 [3]. Core Views - The company is well-positioned for growth in overseas markets, particularly in Africa, South America, and the Middle East, benefiting from its early entry and flexible decision-making [2][3]. - The domestic market is also strong, with a significant contribution from integrated operations, and the company is leading in low-carbon initiatives [3]. Summary by Sections Company Overview - Founded in 1907, the company specializes in cement, aggregates, and concrete, with a strong domestic presence in Hubei and Hunan provinces and international operations in Africa and the Middle East. In the first three quarters of 2024, the company achieved revenue of 24.719 billion RMB, a year-on-year increase of 2.3%, while net profit attributable to shareholders was 1.138 billion RMB, a decrease of 39.3% [1]. Overseas Expansion - The company has a significant overseas presence, with a cement grinding capacity of 22.54 million tons and a clinker capacity of 15.44 million tons as of 2024H1. The long-term goal is to exceed 50 million tons. The company is strategically expanding into Nigeria and Brazil, with Nigeria being a key market due to its high economic concentration and limited competition [2][3]. Domestic Market - The company has strengthened its domestic market position, with integrated operations contributing nearly 50% to gross profit. Since 2020, it has diversified into non-cement businesses, which have helped mitigate the impact of declining cement demand [3]. Profit Forecast and Valuation - The company is expected to see revenue growth from 34.396 billion RMB in 2024 to 42.268 billion RMB in 2026, with corresponding net profits projected to rise from 2.101 billion RMB to 3.117 billion RMB. The report anticipates a PE ratio of 12, 10, and 8 for the years 2024, 2025, and 2026, respectively [3][6].

Caricement B.V. 已审备考合并财务报表 2023年度及截至2024年9月30日止九个月期间 Caricement B.V. | 目 录 | | --- | | | | 页 次 | | | | --- | --- | --- | --- | --- | | 一、 | 审计报告 | 1 - | 4 | | | 二、 | 已审备考合并财务报表 | | | | | | 备考合并资产负债表 | 5 - | 6 | | | | 备考合并利润表 | 7 | | | | | 备考合并财务报表附注 | 8– | | 42 | 审计报告 安永华明（2025）专字第70009578_C01号 Caricement B.V. 华新水泥股份有限公司： 一、审计意见 我们接受华新水泥股份有限公司的委托，审计了Caricement B.V.的备考合并财务 报表，包括2023年12月31日、2024年9月30日的备考合并资产负债表，2023年度、截 至2024年9月30日止九个月期间的备考合并利润表以及相关财务报表附注。 我们认为，后附的Caricement B.V.的备考合并财务报表在所有重大方面按照附注 二所述基础编制。 ...

证券代码：600801 证券简称：华新水泥 公告编号：2025-003 华新水泥股份有限公司 关于收购豪瑞尼日利亚资产之关联交易事项的进展公告 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。 一、本次交易基本情况 2024 年 11 月 29 日，本公司第十一届董事会第六次会议审议通过了《关于收购豪 瑞尼日利亚资产之关联交易的议案》，批准控股全资子公司海南华新泛非投资有限公 司以 56,044 万美元（并可根据《股权收购协议》价值减损条款进行向下的惯常调整） 现金收购 Holderfin B.V.持有的 Caricement B.V. （以下简称"标的公司 A"）100%股 权；全资子公司华新（香港）国际控股有限公司，在 Associated International Cement Limited（以下简称"AICL"）将其持有的 Lafarge Africa Plc（以下简称"最终标的公 司"）27.77%股权转入到 Davis Peak Holdings Limited（以下简称"标的公司 B"，与 "标的公司 A ...

证券代码：600801 证券简称：华新水泥 公告编号：2025-004 华新水泥股份有限公司 关于召开 2025 年第一次临时股东会的通知 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。 一、 召开会议的基本情况 (一) 股东会类型和届次 2025 年第一次临时股东会 召开的日期时间：2025 年 3 月 19 日 14 点 00 分 召开地点：湖北省武汉市东湖新技术开发区高新大道 426 号华新大厦 B 座 2 楼 会议室 股东会召开日期：2025年3月19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 (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 3 月 19 日 至 2025 年 3 月 19 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 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的 ...

华新水泥股份有限公司 2025 年第一次临时股东会 会议资料 2025 年 3 月 19 日 | | | | 一、会议议程 ……………………………………………………………2 | | --- | | 二、会议议案 ……………………………………………………………2 | | 1.关于收购豪瑞尼日利亚资产之关联交易的议案 ……………………………3 | | 2.关于公开发行公司债券的议案 …………………………………………… | | 3.关于发行中期票据的议案 ………………………………………………… | | 关于修订《公司章程》部分条款的议案………………………………… | 1 会议议程 会议时间：2025 年 3 月 19 日 14:00 会议地点：湖北省武汉市东湖新技术开发区高新大道 426 号华新大厦 B 座 2 楼会 议室 会议主席：徐永模 一、会议开始 会议主席宣布现场会议参会人数、代表股数。 二、审议议案 三、议案表决 四、宣布表决结果 1、关于收购豪瑞尼日利亚资产之关联交易的议案 2、关于公开发行公司债券的议案 3、关于发行中期票据的议案 4、关于修订《公司章程》部分条款的议案 关于收购豪瑞尼日利亚资产之关联 ...