华新建材集团股份有限公司 2025 年第四次临时股东会法律意见书 湖北松之盛律师事务所 致：华新建材集团股份有限公司 湖北松之盛律师事务所（以下简称"本所"）接受华新建材集团 股份有限公司（以下简称"公司"）的委托，指派我们出席公司 2025 年第四次临时股东会（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，我们出席了本次股东会，审查了公司提供 的有关本次股东会的相关文件，听取了公司董事会就有关事项所作的 说明。在审查有关文件的过程中，公司向我们保证并承诺，其向本所 提交的文件和所作的说明是真实的，并已经提供本法律意见书所必需 的、真实的原始书面材料、副本材料或口头证言，有关副本材料或复 印件与原件一致。 我们依据《中华人民共和国证券法》《中华人民共和国公司法 （2023 年修订）》《上市公司股东会规则（2025 年修订）》（以下 简称"《股东会规则》"）、《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等中华人民共和国境内（以下简称"中国境 内"，仅为本法律意见书之目的，本 ...

Group 1: Non-Metallic Building Materials - The building materials industry shows signs of structural growth that gradually outweigh environmental impacts, with Q3 2025 reports indicating a recovery in revenue and profitability for several companies [2][25] - The cement sector continues to perform well overseas, particularly in Africa, while domestic demand and prices have weakened, suggesting a potential bottoming out in 2024 [4][26] - In the consumer building materials sector, revenue growth disparities among sub-industries are widening, driven by the impacts of real estate and local debt [5][27] Group 2: Biopharmaceuticals - Huadong Medicine's industrial segment maintains steady growth, with Q3 2025 revenue of 37.28 billion yuan, up 14.95% year-on-year, and net profit of 8.94 billion yuan, up 18.43% [7][8] - The medical aesthetics business faces short-term pressure due to economic factors, with a decline in revenue for both domestic and overseas operations [8] - The company is advancing its innovative pipeline, with several clinical trials ongoing for various cancer treatments [9][33] Group 3: Power Equipment and New Energy - Haibo Sichuang, a leader in energy storage, is expected to benefit from high industry demand, with Q3 2025 revenue reaching 3.39 billion yuan, a year-on-year increase of 124.4% [10][11] - The company's profitability has improved significantly, with a gross margin of 18.64% and a net margin of 9.05% in Q3 2025 [11] - The global energy storage market is projected to grow by 40%-50% in 2026, with significant contributions from both domestic and international markets [13] Group 4: Financial Engineering - The report highlights various asset allocation strategies, with the macro-factor-based strategy yielding a return of 4.23% in 2025, outperforming other strategies [14][15] - The performance of domestic asset strategies shows a positive trend, with October returns indicating a stable investment environment [15][16] - The overall economic outlook remains cautious, with manufacturing PMI indicating a contraction, while service sector activity shows slight improvement [16]

Group 1 - Huanxin Building Materials experienced a decline of 5.05% on November 12, with a stock price of 22.96 yuan per share, a trading volume of 273 million yuan, a turnover rate of 0.87%, and a total market capitalization of 47.734 billion yuan [1] - The company, established on November 30, 1993, and listed on January 3, 1994, is primarily engaged in cement manufacturing and sales, cement technology services, research, manufacturing and installation of cement equipment, and import-export trade of cement and related products [1] - The revenue composition of Huanxin Building Materials includes: cement sales at 54.56%, concrete sales at 21.54%, aggregate sales at 17.22%, other sales at 4.21%, and clinker sales at 2.47% [1] Group 2 - Xiangcai Fund has one fund heavily invested in Huanxin Building Materials, specifically the Xiangcai Balanced Selection Mixed A (018930), which held 29,000 shares as of the third quarter, accounting for 2.95% of the fund's net value, ranking as the eighth largest holding [2] - The Xiangcai Balanced Selection Mixed A fund was established on September 21, 2023, with a latest scale of 15.1256 million yuan, yielding a return of 0.15% year-to-date, ranking 8000 out of 8147 in its category [2] - The fund has experienced a loss of 4.53% over the past year, ranking 7870 out of 8056, and a cumulative loss of 11.05% since its inception [2]

Group 1 - The core point of the article highlights the decline in the stock price of Huaxin Cement, which fell by 5.05% to 22.96 CNY per share, with a trading volume of 273 million CNY and a turnover rate of 0.87%, resulting in a total market capitalization of 47.734 billion CNY [1] - Huaxin Cement Group Co., Ltd. is primarily engaged in the manufacturing and sales of cement, with its main business revenue composition being: cement sales at 54.56%, concrete sales at 21.54%, aggregate sales at 17.22%, other sales at 4.21%, and clinker sales at 2.47% [1] - The company was established on November 30, 1993, and was listed on January 3, 1994, with its headquarters located in Wuhan, Hubei Province [1] Group 2 - From the perspective of fund holdings, only one fund under Western Lide has a significant position in Huaxin Cement, specifically the Western Lide Value Return Mixed A fund, which held 28,100 shares, accounting for 1.01% of the fund's net value, ranking as the fifth-largest holding [2] - The Western Lide Value Return Mixed A fund has a total scale of 4.27 million CNY and has achieved a return of 25.32% this year, ranking 3589 out of 8147 in its category [2] - The fund manager, Chen Yuanhua, has been in position for 4 years and 72 days, with the fund's total asset scale at 51.7165 million CNY, achieving a best return of 44.52% and a worst return of -12.67% during his tenure [3]

Group 1 - The core point of the article highlights that Huanxin Building Materials experienced a decline of 5.05% in stock price, reaching 22.96 yuan per share, with a trading volume of 273 million yuan and a turnover rate of 0.87%, resulting in a total market capitalization of 47.734 billion yuan [1] - Huanxin Building Materials Group Co., Ltd. is based in Wuhan, Hubei Province, and was established on November 30, 1993, with its listing date on January 3, 1994. The company primarily engages in cement manufacturing and sales, cement technology services, research, manufacturing, installation and repair of cement equipment, and import-export trade of cement and other building materials [1] - The revenue composition of Huanxin Building Materials includes 54.56% from cement sales, 21.54% from concrete sales, 17.22% from aggregate sales, 4.21% from other sources, and 2.47% from clinker sales [1] Group 2 - From the perspective of Huanxin Building Materials' top ten circulating shareholders, data shows that a fund under Southern Fund ranks among the top shareholders. The Southern CSI 500 ETF (510500) reduced its holdings by 213,700 shares in the third quarter, now holding 9.7813 million shares, which accounts for 0.47% of the circulating shares. The estimated floating loss today is approximately 11.9332 million yuan [2] - The Southern CSI 500 ETF (510500) was established on February 6, 2013, with a latest scale of 140.098 billion yuan. Year-to-date returns are 29.27%, ranking 1798 out of 4216 in its category; the one-year return is 16.9%, ranking 2239 out of 3937; and since inception, the return is 145.28% [2]

Investment Rating - The report maintains a "Positive" investment rating for the industry [11] Core Insights - The real estate sales continue to weaken, with a focus on policy expectations. In October 2025, the total sales amount of the top 100 real estate companies decreased by 40.6% year-on-year, and the sales area dropped by 40.0% year-on-year, indicating a significant expansion in the decline [5][6] - Cement prices have slightly decreased month-on-month, while glass inventory has also decreased [6][28] - The report continues to recommend the African supply chain and special fabrics, highlighting opportunities in AI special fabrics due to rising demand and high supply barriers [8] Summary by Sections Real Estate Market - The sales data has deteriorated since Q4, with a notable decline in both sales amount and area. The latest high-frequency transaction data shows a year-on-year decrease of 45% in the rolling transaction area of commercial housing in 30 major cities [5][6] - The downward pressure in the real estate market has been evident since April 2023, and the probability of policy easing is gradually increasing [5] Cement Market - As of early November, the domestic cement market demand has remained relatively stable, with a month-on-month price decrease of 0.1%. The average national cement price is 355.97 yuan/ton, down 0.48 yuan/ton month-on-month and down 73.55 yuan/ton year-on-year [6][28] - The cement inventory rate is at 69.52%, which is an increase of 0.37 percentage points month-on-month [28] Glass Market - The domestic float glass market prices have shown slight fluctuations, with some price increases due to local production halts. The average national glass price is 64.81 yuan per weight box, up 0.34 yuan per weight box month-on-month but down 13.43 yuan year-on-year [42] - The total inventory of glass in key monitored provinces is 6016 million weight boxes, a decrease of 184 million weight boxes month-on-month [41][42] Special Fabrics - The report emphasizes the potential of AI special fabrics, driven by increased demand and the high barriers to supply. Companies like Zhongcai Technology are positioned to benefit from domestic substitution in this sector [8]

Group 1 - The stock price of Huaxin Building Materials increased by 0.08%, reaching a new high of 24.3 yuan per share [1] - The total market capitalization of the company surpassed 50.519 billion yuan [1] - The trading volume amounted to 475 million yuan [1]

Market Overview - The cement sector increased by 0.72% on November 10, with Sichuan Jinding leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Stock Performance - Sichuan Jinding (600678) closed at 12.00, up 9.99% with a trading volume of 312,000 shares and a turnover of 374 million yuan [1] - Fujian Cement (600802) closed at 7.39, up 2.21% with a trading volume of 721,200 shares and a turnover of 525 million yuan [1] - Other notable performers include Qingsong Jianhua (600425) up 1.68%, Jianfeng Group (600668) up 1.26%, and Huaxin Cement (600801) up 1.19% [1] Capital Flow Analysis - The cement sector experienced a net outflow of 20.20 million yuan from institutional investors, while retail investors saw a net inflow of 102 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Detailed Capital Flow for Selected Stocks - Huaxin Cement (600801) had a net outflow of 94.26 million yuan from institutional investors, while retail investors contributed a net inflow of 39.52 million yuan [3] - Sichuan Jinding (600678) saw a net inflow of 62.66 million yuan from institutional investors, but a net outflow of 33.51 million yuan from retail investors [3] - Other stocks like Conch Cement (600585) and Jianfeng Group (600668) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company has experienced significant growth in Q3, with overseas expansion beginning to yield benefits [6] - The revenue for Q3 reached 25.033 billion yuan, a year-on-year increase of 1.27%, while net profit attributable to shareholders was 2.004 billion yuan, up 76.01% year-on-year [8] - The increase in profit outpaced revenue growth, primarily due to improved gross margins and reduced expense ratios [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 33.757 billion yuan - 2024: 34.217 billion yuan (growth rate: 1.36%) - 2025E: 35.516 billion yuan (growth rate: 3.80%) - 2026E: 41.130 billion yuan (growth rate: 15.80%) - 2027E: 44.951 billion yuan (growth rate: 9.29%) [7] - Net profit attributable to shareholders is projected as: - 2023: 2.762 billion yuan - 2024: 2.416 billion yuan (decline: -12.52%) - 2025E: 3.422 billion yuan (growth rate: 41.62%) - 2026E: 4.125 billion yuan (growth rate: 20.55%) - 2027E: 4.566 billion yuan (growth rate: 10.67%) [7] - The company's gross margin for Q3 was 30.53%, an increase of 5.79 percentage points year-on-year [8] Market Performance - The closing price of the company's stock on November 6, 2025, was 22.79 yuan, with a market capitalization of 47,380.31 million yuan [4] - The stock has seen a one-year high of 23.20 yuan and a low of 11.35 yuan [4]

Group 1 - The core point of the article highlights the recent decline in the stock price of Huaxin Cement, which fell by 5.02% to 23.06 CNY per share, with a trading volume of 318 million CNY and a turnover rate of 1.00%, resulting in a total market capitalization of 47.942 billion CNY [1] - Huaxin Cement Group Co., Ltd. is based in Wuhan, Hubei Province, and was established on November 30, 1993, with its listing date on January 3, 1994. The company primarily engages in cement manufacturing and sales, cement technology services, research, manufacturing, installation and repair of cement equipment, and import-export trade of cement and related products [1] - The revenue composition of Huaxin Cement includes 54.56% from cement sales, 21.54% from concrete sales, 17.22% from aggregate sales, 4.21% from other sources, and 2.47% from clinker sales [1] Group 2 - According to data from the top ten holdings of funds, one fund under CICC, the CICC Growth Navigator Mixed Fund A (019628), has a significant position in Huaxin Cement, holding 15,300 shares, which accounts for 2.29% of the fund's net value, ranking as the eighth largest holding. The estimated floating loss today is approximately 18,700 CNY [2] - The CICC Growth Navigator Mixed Fund A (019628) was established on October 15, 2024, with a latest scale of 6.3106 million CNY. Year-to-date returns are 21.96%, ranking 4182 out of 8219 in its category, while the one-year return is 22.1%, ranking 3282 out of 8125. Since inception, the fund has achieved a return of 22.89% [2]