Core Viewpoint - Company is in the preliminary planning stage of a significant capital operation, focusing on the integration of its overseas assets for potential separate listing on foreign stock exchanges [1][2][3] Group 1: Financial Performance - For the first half of 2025, the company reported a net profit attributable to shareholders of 1.103 billion yuan, a year-on-year increase of 51.05% [2] - Overseas cement and clinker sales increased by 10.41% year-on-year, with overseas cement business revenue rising by 15.37% [2] - The overseas business contributed approximately 654 million yuan to the net profit, accounting for over 50% of the total net profit for the period [6][7] Group 2: Strategic Intent - The primary motivation for the planned spin-off is to create an independent and more market-efficient capital platform for the growing overseas business segment [5][6] - The company aims to broaden financing channels and enhance operational capabilities through the integration and listing of overseas assets [6][7] Group 3: Market Context - The company is shifting focus to overseas markets due to declining demand and severe overcapacity in the domestic cement industry [3] - As of June 30, 2025, the company has operations in 20 countries and 12 overseas production bases, with non-cement business EBITDA accounting for 44% [7] Group 4: Challenges and Uncertainties - The spin-off is still in the early planning stage and faces regulatory uncertainties, including compliance with domestic and international laws [8][9] - The company acknowledges potential risks from the international macro environment, including geopolitical conflicts and economic instability, which could impact overseas operations [8] - The execution of asset integration is complex, requiring coordination across different legal and regulatory frameworks [9]

Suspension and Resumption of Trading - SMIC is planning to issue A-shares to acquire minority stakes in its subsidiary, SMIC North, leading to a suspension of its stock trading [1] - Huahong Semiconductor intends to issue shares and pay cash to acquire 97.5% of Huali Micro's equity and will resume trading [2] - Tailin Micro plans to acquire 100% of Panqi Micro, both companies operate in the low-power wireless IoT chip design sector, and will resume trading [2] Mergers and Acquisitions - Xingchen Technology plans to acquire 53.3087% of Furui Kun for 214 million yuan, aiming to enhance its capabilities in connectivity, audio, and low power, thereby strengthening its SoC self-developed IP platform [3] - Huijin Co. intends to cash purchase 20% of Cooper New Energy's equity, which is expected to constitute a major asset restructuring [3] Share Buybacks - Kweichow Moutai's controlling shareholder plans to increase its stake by purchasing 3 to 3.3 billion yuan worth of company shares [4] - Kaiying Network intends to repurchase shares worth 100 to 200 million yuan [4] Investment Cooperation and Operational Status - Jiayuan Technology plans to invest 500 million yuan to acquire a portion of Endatong's equity, which is related to the optical module industry [5] - Zhiyang Innovation plans to establish a wholly-owned subsidiary with an investment of 20 million yuan to promote embodied intelligence technology innovation [6] - Yunzhu Technology plans to raise no more than 876 million yuan through a private placement for the upgrade and expansion of chip insertion integrated (CMI) component projects [6] Performance Changes - Sails reported a net profit of 2.941 billion yuan for the first half of 2025, an increase of 81.03% year-on-year [8] - BYD's net profit for the first half reached 15.51 billion yuan, up 13.79% year-on-year [8] - Lanke Technology reported a net profit of 1.159 billion yuan for the first half, a significant increase of 95.41% year-on-year [8] - Yilake Co. reported a net profit of 2.515 billion yuan for the first half, up 13.69% year-on-year, with a lithium salt project expected to start trial operations by the end of September [8] - Haowei Group reported a net profit of 2.028 billion yuan for the first half, an increase of 48.34% year-on-year, and has entered NVIDIA's supply chain [9] - Tianqi Lithium reported a net profit of 84.41 million yuan for the first half, marking a return to profitability [10] - China Rare Earth reported a net profit of 162 million yuan for the first half, also returning to profitability [10] - BeiGene reported a net profit of 450 million yuan for the first half, returning to profitability [10] - Guoxuan High-Tech reported a net profit of 367 million yuan for the first half, an increase of 35.22% year-on-year, and plans to invest up to 4 billion yuan in a new lithium-ion battery manufacturing base [10] - Lingyi Technology reported a net profit of 930 million yuan for the first half, an increase of 35.94% year-on-year [10] - Shenwan Hongyuan reported a net profit of 4.284 billion yuan for the first half, an increase of 101% year-on-year [10] - Zhongtai Securities reported a net profit of 711 million yuan for the first half, an increase of 77.26% year-on-year [10] - Guotai Junan reported a net profit of 15.737 billion yuan for the first half, an increase of 213.74% year-on-year [10] - China Shipbuilding reported a net profit of 2.946 billion yuan for the first half, an increase of 108.59% year-on-year [10] - Yangtze Power reported a net profit of 13.056 billion yuan for the first half, an increase of 14.86% year-on-year [10] - TCL Technology reported a net profit of 1.883 billion yuan for the first half, an increase of 89.26% year-on-year [10] - ST Huatuo reported a net profit of 2.656 billion yuan for the first half, an increase of 129% year-on-year [10] - Wentai Technology reported a net profit of 474 million yuan for the first half, an increase of 237.36% year-on-year [10]

Group 1 - The core viewpoint of the article is that Huaxin Cement (06655.HK) plans to integrate all its overseas assets engaged in production and operations into a new subsidiary, which will be established by Huaxin Cement or its affiliates, and intends to apply for a separate listing of this new subsidiary on an overseas stock exchange [1] - The spin-off listing will not affect Huaxin Cement's control over the relevant overseas assets, as the new subsidiary will still be included in Huaxin Cement's consolidated financial statements [1]

Group 1 - A-share companies are increasingly planning to list in Hong Kong, indicating a trend in the market [1] - A total of 29 A-share listed companies have disclosed plans for Hong Kong listings this month [1] - Notable companies involved in this trend include Huaxin Cement, Shengbang Co., Dongcheng Pharmaceutical, and others [1]

Major Events - Huahong Company plans to acquire 97.4988% equity of Huali Micro through a combination of share issuance and cash payment, with stock resuming trading on September 1, 2025, pending shareholder and regulatory approvals [1] - Dongxin Co. intends to invest approximately 211 million yuan in Shanghai Lisan, increasing its stake to 35.87%, as part of a total investment of around 500 million yuan in Lisan Technology [1] - Huaxin Cement is planning to integrate its overseas assets into a subsidiary for potential listing on an overseas stock exchange to enhance financing channels and operational capabilities [2] - *ST Tianmao is voluntarily terminating its A-share listing due to business restructuring uncertainties and will initiate a cash option for shareholders [2] - Meikailong's Vice President Che Guoxing has resigned for personal reasons, with no adverse impact on daily operations [3] - China Rare Earth announced that there are no undisclosed significant matters affecting its stock, despite recent price fluctuations [3] - Maiwei Bio has re-submitted its application for H-share issuance and listing on the Hong Kong Stock Exchange [4][5] Shareholding Changes - Gao Neng Environment's controlling shareholder Li Weiguo plans to reduce his stake by up to 3% to repay debts, with the reduction period set from September 23 to December 22, 2025 [6] - Hu Dian Co.'s senior executive Li Minggui intends to sell up to 0.0083% of the company's shares within three months following the announcement [6] Financing Activities - Maohua Shihua plans to raise no more than 532 million yuan through a private placement at a price of 3.41 yuan per share, with proceeds aimed at enhancing liquidity [7] Major Contracts - Junxin Co.'s subsidiary has signed an investment agreement with the Ministry of Ecology and Natural Resources of Kazakhstan for a solid waste disposal power generation project in Almaty, with a planned processing capacity of at least 2,000 tons per day and an investment of no less than 145 billion tenge (approximately 28 million USD) [8]

Group 1 - The core idea of the announcement is that Huaxin Cement plans to integrate all its overseas assets into a new subsidiary and apply for a separate listing on an overseas stock exchange to enhance its operational capabilities and financing channels [1] - The spin-off listing is expected to improve the competitiveness and flexibility of the new subsidiary in overseas capital markets, facilitating financing and merger transactions [1] - This strategic move is significant for enhancing Huaxin Cement's influence in the global cement production and sales industry, aligning with its long-term goal of becoming a leading multinational building materials enterprise [1] Group 2 - The announcement emphasizes that the spin-off will contribute to the overall sustainable and stable development of the company [1]

本公告僅供參考，並不構成收購、購買或認購任何證券之招股章程、邀請或要約或屬於其中一部 份，其或其任何部份概不構成任何合約或承諾之基礎或依據。具體而言，本公告並不構成亦非在 香港或其他地方出售證券之要約或要約購買證券之招攬。 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。 華新水泥股份有限公司 HUAXIN CEMENT CO., LTD.* （於中華人民共和國注册成立的股份有限公司） 1 合併報表範圍內的控股子公司。 3.考慮到本次分拆上市所涉境外資產整合將涉及較多內外部溝通工作且預計難以保 密，雖尚處於初步籌劃階段，公司董事會同意披露本次分拆上市的事項。在本次分拆 上市方案制定完成後，相關方案及與本次分拆上市有關的其他事項將分別提交至公司 董事會、股東會審議。 4.本次分拆上市尚處於前期籌劃階段。項目實施過程中會存在各種不確定因素，可能 會影響本次分拆上市的籌劃和決策事宜。本次分拆上市事項尚存在不確定性，敬請廣 大投資者注意相關風險。 （股份代號： ...

证券代码：600801 证券简称：华新水泥 公告编号：2025-029 华新水泥股份有限公司 关于筹划境外子公司分拆上市的提示性公告 本公司董事会及全体董事保证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。 重要内容及风险提示： 1. 为进一步拓宽融资渠道、开放整合资源，提高华新水泥股份有限公司（以 下简称"公司"或"华新水泥"）的经营能力，华新水泥拟将下属全部实际开展 生产经营的境外资产整合至拟由华新水泥或其附属公司设立的境外子公司（以下 简称"拟分拆子公司"）旗下，并拟申请将拟分拆子公司分拆至境外证券交易所 上市（以下简称"本次分拆上市"）。 2. 本次分拆上市不会影响华新水泥对相关境外资产的控制权，拟分拆子公 司仍为华新水泥合并报表范围内的控股子公司。 3. 考虑到本次分拆上市所涉境外资产整合将涉及较多内外部沟通工作，虽 尚处于初步筹划阶段但预计难以保密，公司董事会同意披露关于筹划本次分拆上 市的事项。在本次分拆上市方案制定完成后，相关方案及与本次分拆上市有关的 其他事项将分别提交至公司董事会、股东会审议。 4. 本次分拆上市尚处于前期筹划阶 ...

Investment Rating - The report maintains a "Recommended" investment rating for Huaxin Cement (600801.SH) [1][3] Core Views - The company reported a revenue of 16.05 billion yuan for the first half of 2025, a year-on-year decline of 1.2%, while the net profit attributable to shareholders was 1.1 billion yuan, an increase of 51.05% [3] - The second quarter of 2025 saw a revenue of 8.88 billion yuan, down 2.9% year-on-year, with a net profit of 870 million yuan, up 57.2% [3] - The company benefits from domestic cement price increases and cost reductions, with a significant improvement in gross margin from 23.65% to 28.92% year-on-year [6][7] - The overseas cement business is growing rapidly, with a 10.41% increase in overseas cement and clinker sales, totaling 8.39 million tons [6][7] - The successful acquisition of the Nigeria project for 770 million USD is expected to contribute significantly to future earnings [7] Financial Summary - Revenue projections for 2025-2027 are 35.3 billion yuan, 37.3 billion yuan, and 39.2 billion yuan respectively, with expected net profits of 2.73 billion yuan, 3.04 billion yuan, and 3.27 billion yuan [5][9] - The gross margin is expected to improve to 27.0% in 2025, with a net margin of 7.7% [9] - The company’s total assets are projected to be 68.9 billion yuan in 2025, with total liabilities of 31.5 billion yuan [8][9] Business Performance - The domestic cement business generated 5.02 billion yuan in revenue, a decline of 1.26%, while the overseas cement business achieved 4.13 billion yuan, an increase of 15.37% [6][7] - The company has established production bases in 12 overseas countries, with a total overseas cement production capacity of 24.7 million tons per year [7] - The company’s EBITDA is projected to reach 12.89 billion yuan in 2025, indicating strong operational performance [10]

Group 1: Metal Sector - Luoyang Molybdenum's net profit forecast for 2025 is 168.65 billion CNY, with a PE ratio of 15.32[12] - The company expects to increase copper production to 70,000 tons in 2025, a 56% year-on-year growth[14] - The strategic partnership with CATL aims to enhance lithium and nickel resource acquisition, contributing over 70% to gross profit[17] Group 2: Cement Sector - Huaxin Cement's domestic sales are projected to decline from 5,004,000 tons in 2023 to 4,078,000 tons in 2025, while overseas sales are expected to grow to 2,017,000 tons[30] - The company aims for a net profit of 19.58 billion CNY from overseas operations by 2026, reflecting a 25% increase from 2025[30] Group 3: Logistics Sector - Eastern Airlines Logistics' revenue from the US market accounts for 20%-30%, with a 5% decline in comprehensive freight rates due to tariff policies[32] - The company is adjusting its route structure to improve performance in the European market, anticipating a recovery in the second half of the year[32] Group 4: Chemical Sector - Wanhua Chemical's net profit is expected to recover as MDI prices stabilize, with a projected increase in demand from the furniture industry[50] - The company is positioned to benefit from a tightening supply of TDI, with prices expected to remain high through 2027[50] Group 5: Power Sector - Changjiang Electric Power's EPS forecast for 2025 is 1.38 CNY, with a PE ratio of 20.26, supported by a commitment to maintain a dividend payout ratio of no less than 70%[74] - The company plans to repurchase shares worth 4-8 billion CNY, reflecting confidence in its future growth[74]