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。 二零二五年八月二十一日 於本公告日期，本公司董事會成員包括執行董事李葉青先生（總裁）及劉鳳山先生 （副總裁）；非執行董事徐永模先生（主席）、Martin Kriegner 先生、Olivier Milhaud 先生及陳婷慧女士；獨立非執行董事黃灌球先生、張繼平先生及江泓先生。 *僅供識別 華新水泥股份有限公司 HUAXIN CEMENT 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） 海外監管公告 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 條規定而作出。茲 載列華新水泥股份有限公司（「本公司」）於中華人民共和國若干報章及上海證券交易所 網站(http://www.sse.com.cn)刊登的 《第十一屆董事會第十五次會議決議公告》，僅 供參閱。 承董事會命 華新水泥股份有限公司 徐永模 主 席 中國湖北省武漢市 1 证券代码：60080 ...

华新水泥股份有限公司 第十一届董事会第十五次会议决议公告 二、董事会会议审议情况 证券代码：600801 证券简称：华新水泥 公告编号：2025-027 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、董事会会议召开情况 华新水泥股份有限公司（以下简称"公司"）第十一届董事会第十五次会议于 2025 年 8 月 21 日以通讯方式召开。会议应到董事 9 人，实到 9 人。本次会议由董事长徐永模先生 主持。公司于 2025 年 8 月 14 日以通讯方式向全体董事发出了会议通知。会议符合有关法律、 行政法规、部门规章、规范性文件和公司章程的规定，合法有效。 (2)薪酬与考核委员会 召集人/主席：黄灌球先生 委员：黄灌球先生、张继平先生、江泓先生、徐永模先生、陈婷慧女士 本次董事会会议经审议并投票表决，通过如下重要决议： 1、关于调整公司第十一届董事会专门委员会成员组成的议案（表决结果：同意 9 票， 反对 0 票，弃权 0 票） 调整后的公司第十一届董事会审计委员会、薪酬与考核委员会、治理与合规委员会成员 组成如下： ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The cement industry in China has experienced a significant increase in clinker production capacity, peaking at 18.3 billion tons by 2016, but has since stabilized around 18 billion tons without significant capacity reduction [11] - Cement demand reached a plateau after peaking in 2014, with a decline expected to continue, dropping from a range of 2.2-2.4 billion tons in 2022 to an estimated 1.68 billion tons by 2025 [11][32] - The price of cement has undergone fluctuations, with a notable increase following the 2008 stimulus, followed by a decline due to oversupply and weak demand in the real estate sector [15] - The profitability of cement companies is expected to be at a low point in 2024, with net profits projected at 11 billion yuan, compared to 8.3 billion yuan in 2015 [16] - The industry is facing challenges from both supply and demand sides, with short-term supply adjustments needed to match declining demand [42] Summary by Sections Supply Side - The cement industry has seen a significant increase in production capacity, with a peak in 2016, but has not undergone substantial capacity reduction since then [11] - Short-term adjustments are necessary to align supply with declining demand, particularly in the context of a rapidly changing market environment [42] Demand Side - Cement demand has entered a decline phase, primarily driven by a downturn in the real estate sector, with expectations of further decreases in 2025 [32] - The report highlights that the construction and real estate sectors are the main contributors to the decline in cement demand [32] Price Trends - Cement prices have experienced a cyclical pattern, with significant increases following government stimulus measures, followed by declines due to oversupply and weak demand [15] - The report indicates that the price fluctuations are closely tied to the balance of supply and demand in the market [15] Profitability - The profitability of cement companies is projected to be low, with net profits expected to rise slightly from 8.3 billion yuan in 2015 to 11 billion yuan in 2024 [16] - The report notes that while the industry faces profitability challenges, cash flow remains relatively stable for many companies [23]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - The necessity for "anti-involution" in the cement industry remains, with a competitive landscape characterized by high concentration and state-owned enterprise dominance [1][12] - The cement industry is experiencing a significant oversupply, with a projected capacity utilization rate of only 53% in 2024, indicating a need for supply-side reforms to reduce actual capacity [3][22] - Short-term measures such as peak-shifting production will continue to support the industry, while medium-term strategies will focus on administrative measures to limit overproduction [4][30] Summary by Sections Supply Structure - The cement industry is primarily led by state-owned enterprises, with a concentration ratio (CR10) of 57% and an expected state-owned enterprise capacity share of around 45% in 2024 [1][12] - The top ten cement companies include four state-owned enterprises, which collectively hold about 71% of the capacity, facilitating coordinated efforts to stabilize prices and enhance efficiency [12][1] Industry Profitability - The industry is projected to achieve a total profit of 260 billion yuan in 2024, with a profit margin of approximately 4.1%, although this represents an 86% decline from the peak levels seen in previous years [16][20] - The worst period in early 2024 saw over 55% of companies reporting losses, but a recovery is anticipated in the fourth quarter, with profits expected to reach 150-160 billion yuan in the first half of 2025 [20][16] Supply and Demand Dynamics - The total cement supply has peaked at around 1.81 billion tons, but demand continues to decline, leading to a significant oversupply issue [22][3] - The expected demand bottom is estimated to be between 1.2 to 1.5 billion tons, indicating a potential decline of 18% to 34% from 2024 levels [22][3] Review of Previous Supply-Side Reforms - Previous reforms included a ban on new capacity and the promotion of peak-shifting production, which successfully reduced new clinker capacity additions from a billion-ton level to a few million tons [2][26] - The industry's profit recovery from 518 billion yuan in 2016 to a historical high of 1867 billion yuan in 2019 was largely due to these reforms [2][29] Future Anti-Involution Strategies - The future governance of "anti-involution" will involve a combination of market, administrative, and legal measures, with a strong emphasis on reducing excess capacity through administrative controls [4][30] - The carbon trading policy expected to be implemented by 2027 will further pressure high-emission capacities to exit the market, promoting a shift towards more efficient production methods [33][35]

Investment Rating - The report maintains a positive outlook on the building materials industry, particularly in AI materials and traditional building materials entering a price increase season [1][3]. Core Insights - The AI materials market continues to expand, driven by the anticipation of mass production in the AI industry chain, which is expected to boost demand for related products [2][3]. - The construction materials sector is showing signs of recovery, with consumption fundamentals expected to improve in the second half of 2025 [10][24]. - The cement industry is entering a peak season, with price increases already observed in the Yangtze River Delta region [30][33]. Summary by Sections AI Materials - The M9 production for switches is expected to ramp up ahead of schedule, with core Q fabric suppliers also increasing production capacity [2]. - The demand for low dielectric fabrics is anticipated to rise alongside the production of GB200 and GB300 cabinets [2][3]. - The overall production ramp-up is seen as a key support for market trends [2]. Cement Industry - The opening of major infrastructure projects in Xinjiang and Tibet is expected to enhance market confidence and drive demand for cement [8][30]. - The cement market has seen a slight price increase, with certain regions experiencing price hikes of 10-30 RMB per ton [33][34]. - The report highlights a potential supply reduction in the North China region due to planned production cuts for air quality improvement [32][33]. Building Materials - The report notes a significant policy shift in Beijing aimed at stimulating the real estate market, which is expected to positively impact consumption building materials [10][24]. - Companies in the consumption building materials sector are beginning to stabilize their earnings, with expectations of improved profitability in the coming quarters [25][26]. - The report emphasizes the importance of cost management and pricing strategies among leading companies in the sector [25][26]. Glass Industry - The float glass market is currently facing price pressures, with average prices declining [41][42]. - Environmental regulations are tightening, which may lead to increased costs for glass manufacturers [42][43]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market challenges, with a focus on profitability in their automotive glass segment [44].

Group 1 - Hong Kong cement stocks experienced a significant rise, with Dongwu Cement leading the gains at over 17%, followed by China National Building Material at over 7% [1] - Other notable performers included Huaxin Cement with a 2% increase, and China Tianrui Cement, China Resources Cement Technology, and Jinyu Group all rising over 1% [1] - The report from China Galaxy Securities indicated that July was a seasonal off-peak period, with high temperatures and rain affecting downstream construction, leading to a decrease in national cement demand and an increase in clinker inventory [2] Group 2 - Dongwu Cement is expected to reduce its losses to approximately 12.966 million yuan for the six months ending June 30, 2025, compared to a loss of about 39.981 million yuan in the same period last year, representing a reduction of approximately 67.6% [3] - The industry outlook suggests that demand is expected to gradually recover in mid to late August, with a potential stabilization and rebound in cement prices [2]

Summary of Conference Call Records Industry Overview - The real estate sector is characterized as a "three low" industry (low price-to-book ratio, low positioning, low attention), suggesting that the valuation gap will eventually close [3][5] - The construction and real estate sectors are experiencing significant challenges, with broad infrastructure investment growth declining by 1.9% year-on-year in July 2025, marking the first negative growth in two years [6][9] - The construction investment growth rate in July 2025 was negative 5.1%, indicating a severe decline in local government-funded projects and highlighting fiscal difficulties [6][9] Key Points and Arguments - Real estate stocks are not to be viewed pessimistically; the market is in a phase of orderly expansion, and the sector's win rate is high due to its low valuation metrics [3][5] - In July 2025, real estate investment fell by 17.1%, while manufacturing investment decreased by 0.3%, both showing significant declines and marking a critical turning point [11] - The cash flow situation in the real estate market has improved compared to last year, with financing costs and completion rates showing strength, suggesting potential recovery in construction data in the second half of the year [2] - The introduction of special bonds and government debt in July has significantly increased, aiding in resolving real estate debt issues and enhancing macroeconomic stability [7] Notable Companies and Their Performance - Companies like Vanke, JinDi, Longfor, and New Town are identified as having high elasticity due to improved competitive dynamics [8] - Service-oriented companies such as Wanwu Cloud, China Resources Mixc, and China Overseas Property are also highlighted for their dividend performance in the mid-year reports [8] - Recommended companies in the consumer building materials sector include Oriental Yuhong and Henkel Group, which are expected to perform well due to improved market conditions [19] Risks and Future Outlook - The upcoming mid-year reports for construction companies are anticipated to be risky, with potential for lower-than-expected performance due to increased receivables and declining revenues [13][16] - Despite short-term risks, there is potential for a rebound in the fourth quarter, particularly for companies with mineral resource attributes, such as China Metallurgical Group and China Railway [14] - The cement industry is projected to face a demand decline of 4.5% for the year, with July's demand down by 5.6% [17] Additional Insights - The consumer building materials sector is showing signs of recovery, with improved fundamentals and reduced price wars, which may lead to enhanced profitability [18] - The western region's infrastructure projects are expected to significantly impact the building materials industry, with strong demand and funding availability [24] - Investors are advised to adjust their positions cautiously in anticipation of potential volatility following the mid-year report disclosures [15]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights a significant increase in fixed asset investment in water and electricity sectors, with a focus on regional infrastructure [1][3] - The cement market remains stable, while glass prices are experiencing fluctuations due to competitive dynamics [2] - The real estate market shows a decline in transaction volumes for both new and second-hand homes [3][21] - The report emphasizes the ongoing demand for construction materials driven by major national projects and infrastructure investments [7][8] Summary by Sections Investment Recommendations - Recommended stocks include strong performers like "Three Trees" and high-dividend stocks such as "Weixing New Materials" and "Rabbit Baby" [1] - Cement leaders like "Huaxin Cement" and "Conch Cement" are recommended due to their cost and scale advantages [7] - The report suggests focusing on companies benefiting from major engineering projects, such as "China Power Construction" and "China Energy Construction" [8] Market Trends - The national cement price is reported at 340.33 CNY/ton, showing stability despite low demand [2] - The average price of float glass has decreased to 1235.66 CNY/ton, reflecting a 3.08% decline from the previous week [2][73] - The report notes a 1.6% year-on-year increase in fixed asset investment, with infrastructure investment growing by 3.2% [3][6] Real Estate Market - New home transaction volume in 30 major cities decreased by 12% year-on-year, with a significant 44.7% drop from the previous week [3][21] - Second-hand home transactions in 15 monitored cities showed a slight decline of 1.7% year-on-year [3][21] Sector Performance - The report indicates a robust performance in the industrial sector, with a 9.0% year-on-year increase in industrial investment [6] - The water and electricity sectors are highlighted for their strong investment growth, with electricity supply investment up by 21.5% [6]

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [9] Core Insights - Investment in infrastructure, real estate, and manufacturing continues to slow down, with infrastructure investment growing by 3.2%, real estate declining by 12.0%, and manufacturing increasing by 6.2% year-on-year from January to July 2025 [12][14] - The report highlights a significant drop in new real estate construction area, down 19.4% year-on-year, although the rate of decline has been narrowing [12][17] - Recent demand-side policies are expected to accelerate implementation, potentially boosting construction material opportunities [12][14] - The cement and fiberglass sectors show a clear structural differentiation, with traditional yarn prices stabilizing after declines, while specialized electronic yarns and fabrics maintain a positive outlook [12][19] Summary by Sections Investment Trends - From January to July 2025, cumulative investment in infrastructure (excluding electricity, heat, water, and gas) increased by 3.2%, while real estate investment decreased by 12.0% [14] - The report notes that the decline in new real estate construction has been less severe compared to earlier months, indicating a potential recovery trend [12][17] Key Companies and Performance - Major companies such as Weixing New Materials reported a revenue of 2.078 billion yuan, down 11.33% year-on-year, while Sankeshu achieved a revenue of 5.816 billion yuan, up 0.97% year-on-year with a net profit increase of 107.53% [3] - The report recommends focusing on companies with significant year-on-year growth in their mid-year reports, particularly in the cement and fiberglass sectors [12][37] Market Dynamics - The national average price of cement increased by 0.2% week-on-week, with a shipment rate of 45.8% [2][28] - The average price of float glass decreased by 2.8% week-on-week, with a significant year-on-year decline of 16.2% [2][29] - The report emphasizes the importance of monitoring the demand recovery in the construction materials sector, particularly in waterproofing and other construction-related materials [12][17] Recommendations - The report recommends several companies for investment, including Yaxiang Integration, China Metallurgical Group, and Huaxin Cement, all of which are expected to perform well in the current market environment [9][37] - It suggests that companies with strong technological capabilities and high-end product structures are likely to benefit from ongoing market trends [12][24]

Investment Rating - The report maintains an "Overweight" rating for the building materials industry [2]. Core Insights - The real estate sector remains in a weak economic environment, but changes on the supply side are more promising [1]. - The cement sector is expected to benefit from demand driven by urban renewal and supply restrictions, leading to improved market conditions [4][7]. - The report highlights the potential for price increases in waterproofing products, which could enhance industry profit margins [7]. Summary by Sections Industry Overview - The building materials industry consists of 73 listed companies with a total market value of 838.733 billion yuan and a circulating market value of 789.313 billion yuan [2]. - The report notes a decline in real estate development investment, with a 12% year-on-year decrease, and a 4% drop in commercial housing sales area [7]. Key Companies - North New Building Materials: EPS forecast for 2024A is 2.2 yuan, with a "Buy" rating [5]. - Conch Cement: EPS forecast for 2024A is 1.5 yuan, with a "Buy" rating [5]. - China Jushi: EPS forecast for 2024A is 0.6 yuan, with a "Buy" rating [5]. - Weixing New Materials: EPS forecast for 2024A is 0.6 yuan, with a "Buy" rating [5]. - Sankeshu: EPS forecast for 2024A is 0.5 yuan, with an "Overweight" rating [5]. - Huaxin Cement: EPS forecast for 2024A is 1.2 yuan, with a "Buy" rating [5]. - Shandong Pharmaceutical Glass: EPS forecast for 2024A is 1.4 yuan, with a "Buy" rating [5]. - Qibin Group: EPS forecast for 2024A is 0.1 yuan, with an "Overweight" rating [5]. - Dongfang Yuhong: EPS forecast for 2024A is 0.1 yuan, with a "Buy" rating [5]. - Jianlang Hardware: EPS forecast for 2024A is 0.3 yuan, with a "Buy" rating [5]. - China National Materials: EPS forecast for 2024A is 1.5 yuan, with a "Buy" rating [5]. Market Trends - The cement market saw a 0.2% increase in prices, with specific regions experiencing price hikes of 10-30 yuan per ton [31]. - The national cement output for January to July 2025 was 958 million tons, a 4.5% year-on-year decrease [7]. - The report anticipates a steady upward trend in cement prices due to rising coal costs and improved demand conditions [31]. Recommendations - The report recommends focusing on companies that are likely to benefit from supply restrictions and urban renewal projects, such as Huaxin Cement and Conch Cement [7][8]. - It also suggests monitoring companies in the waterproofing sector, like Dongfang Yuhong, for potential profit margin improvements [7].