FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華新水泥股份有限公司 I. 法定/註冊股本變動 本月底法定/註冊股本總額： RMB 2,078,995,649 呈交日期: 2025年12月1日 第 1 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06655 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 734,720,000 | RMB | | 1 | RMB | | 734,720,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 734, ...

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。 華新建材集團股份有限公司 HUAXIN BUILDING MATERIALS GROUP CO., LTD.* 1 本公司於聯交所進行買賣H股之中文證券簡稱將由「華新水泥」變更為「華新建材」及 英文證券簡稱將由「HUAXIN CEMENT」變更為「HX BLDG MAT」，自2025年12月4日上午9 時正起生效。H股股份代號維持不變，仍為「06655」。 ( 前稱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） （股份代號：6655） 變更公司名稱及證券簡稱 茲提述華新建材集團股份有限公司（前稱華新水泥股份有限公司，「本公司」）日期為 2025年10月3日、2025年10月30日的公告（「該等公告」），以及日期為2025年10月3日 的通函（「該通函」），內容有關（其中包括）本公司擬變更公司名稱及證券簡稱。除 另有所指外，本公告所用 ...

Group 1 - The core viewpoint highlights the increasing pressure in the construction materials industry, with a focus on the expected rise in real estate policies and the potential for quality leading companies in consumer building materials to gain value [2][3] - The industry is experiencing a significant downward trend, with expectations for policy tools aimed at reducing housing burdens, such as interest subsidies or tax deductions, to support housing demand [2][3] - Key companies recommended for investment include Sanhe Tree, Rabbit Baby, and Weixing New Materials, which are seen as having bottom value and potential to benefit from policy changes [2][3] Group 2 - Cement prices have slightly decreased, with demand in southern regions recovering while northern regions face weakened demand due to cold weather [3] - The national cement enterprise shipment rate is approximately 45.5%, reflecting a month-on-month decline of about 0.4 percentage points [3] - In the glass market, prices are trending downward, with an increase in inventory levels, indicating ongoing pressure on production and sales [4] Group 3 - The focus on African supply chains includes recommendations for Huaxin Cement and Keda Manufacturing, which are expected to benefit from overseas performance and domestic market recovery [5] - The stock chain is highlighted for its potential recovery, with leading companies in consumer building materials expected to see demand restoration and structural optimization [5] - Special electronic fabrics are noted for their growth potential due to high demand and supply barriers, with companies like Zhongcai Technology positioned to benefit from domestic substitution [5][6]

非洲水泥十问十答 20251130 摘要 非洲水泥市场人均消费量差异显著，北非约为 500-600 公斤，远高于东 非和南部非洲的 100 公斤，但低于中国 1,000 多公斤的水平，未来非洲 整体需求或达 7-8 亿吨。 非洲水泥市场价格高企，每吨 100-250 美元，但产能利用率仅 50%- 60%，受限于基础设施、能源成本和运输条件等因素。 中资企业在非洲市场份额不足 10%，以华新水泥和西部建设为代表，其 进入旨在盈利，短期内不会对供给环境造成重大冲击，莫桑比克案例显 示盈利水平良好。 非洲本土龙头企业如丹格特集团和 BUA 集团正进行多元化转型，减少对 水泥单一行业的依赖，涉足糖、盐、化工、基建、能源、食品、房地产 和码头等领域。 华新水泥在非洲布局产能近 2000 万吨，西部建设不到 1,000 万吨。华 新通过并购扩张，西部以新建为主。2025 年上半年，华新海外销量超 800 万吨，西部超 400 万吨，吨毛利分别为 190 元和 200 多元，西部 盈利能力略优。 Q&A 非洲水泥市场的需求现状及未来潜力如何？ 目前，非洲水泥需求增速与区域 GDP 增速基本匹配，约为 3-4%。预计 20 ...

Core Insights - The company reported a significant increase in net profit attributable to shareholders, with a year-on-year growth of 120.73% in Q3, driven by rising domestic cement prices, reduced costs, and strong overseas performance [1] - The completion of the equity transfer for Nigerian assets marks a strategic expansion, with the transaction valued at approximately $773.86 million, enhancing the company's international footprint [2] - The management is committed to shareholder returns, distributing a cash dividend of 0.46 CNY per share, totaling approximately 956.34 million CNY, which represents 40% of the net profit for the year [3] Financial Performance - In Q3, the company achieved a revenue of 8.986 billion CNY, a 5.95% increase year-on-year, and a net profit of 900 million CNY, reflecting a 120.73% increase [1] - For the first three quarters, the company reported a total revenue of 25.033 billion CNY, up 1.27% year-on-year, and a net profit of 3.449 billion CNY, which is a 64.95% increase [1] - The company’s non-recurring net profit for Q3 was 866 million CNY, marking a 125.96% increase year-on-year [1] Strategic Developments - The company has made significant progress in its overseas operations, with multiple projects completed in Zimbabwe, Zambia, South Africa, and Tanzania, enhancing production capacity [2] - The acquisition of 100% equity in a Brazilian aggregate company further strengthens the company's international presence [2] - New production lines are under construction in Malawi and Mozambique, indicating ongoing expansion efforts [2] Shareholder Engagement - The management has shown confidence in the company's future by purchasing 195,300 shares in the secondary market [3] - The proposed dividend distribution reflects a strong commitment to sharing the company's growth with shareholders [3] Profit Forecast - The company forecasts net profits attributable to shareholders of 2.969 billion CNY, 3.312 billion CNY, and 3.671 billion CNY for the years 2025 to 2027 [3] - A target price of 18.34 HKD is set for 2026, based on a PE ratio of 10.5 times, indicating a positive outlook for the company's valuation [3]

Investment Rating - The report initiates coverage with a "Buy" rating for Huaxin Cement, targeting a price of HKD 18.34 based on a 10.5x PE for 2026 [3]. Core Insights - Huaxin Cement's net profit attributable to shareholders increased by 120.73% year-on-year in Q3 2025, driven by rising domestic cement prices, reduced costs, and growth in overseas operations [4]. - The company completed the acquisition of Nigerian assets, with a transaction value of USD 773.86 million, enhancing its international presence [4]. - The company is actively expanding its overseas operations, with several projects in Africa and the completion of acquisitions in Brazil [4][11]. - The management emphasizes shareholder returns, distributing a cash dividend of CNY 0.46 per share, amounting to CNY 956.34 million, which is 40% of the projected net profit for 2025 [4]. Financial Performance and Forecast - For 2025-2027, the forecasted net profits are CNY 2.969 billion, CNY 3.312 billion, and CNY 3.671 billion, respectively, reflecting a growth trajectory [3]. - The company reported a revenue of CNY 89.86 billion in Q3 2025, a 5.95% increase year-on-year, and a total revenue of CNY 250.33 billion for the first three quarters, up 1.27% [4]. - The average selling price of cement increased by CNY 25.71 per ton to CNY 329.95 per ton, contributing to improved profitability [17]. - The company’s gross margin improved by 20.84% year-on-year, with a gross margin rate increase of 5.27 percentage points [17]. Business Development - Huaxin Cement has established a significant international footprint, with operations in 14 countries and a total cement production capacity of 136 million tons [9]. - The company is focusing on projects in countries along the Belt and Road Initiative, ensuring strategic resource allocation and market growth potential [9]. - In H1 2025, the company achieved a revenue of CNY 160.46 billion, with a net profit of CNY 11.03 billion, marking a 51.05% increase year-on-year [16].

Core Viewpoint - The company has approved a differentiated profit distribution plan for the first three quarters of 2025, proposing a cash dividend of RMB 0.34 per share for all shareholders [1][2][3]. Distribution Plan - The profit distribution plan was approved at the fourth extraordinary general meeting of shareholders on November 12, 2025 [1]. - The cash dividend of RMB 0.34 per share (including tax) will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the day before the registration date [1][2]. - Shares held in the company's repurchase special account will not participate in the profit distribution [1][2]. Dividend Calculation - The total number of shares eligible for the cash dividend is 1,341,697,649 shares after excluding 2,578,000 shares held in the repurchase account [2][4]. - The ex-dividend reference price will be calculated as the previous closing price minus the cash dividend, as there will be no change in the number of circulating shares [2][4]. Implementation Method - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch, with shareholders able to receive their dividends at their designated securities firms on the payment date [5]. - For shareholders who have not completed designated transactions, the dividends will be held by the China Securities Depository and Clearing Corporation Limited Shanghai Branch until the transactions are completed [5]. Taxation Details - Individual shareholders and securities investment funds will not have personal income tax withheld, resulting in an actual cash dividend of RMB 0.34 per share [6][7]. - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, leading to an actual cash dividend of RMB 0.306 per share [7][8]. Contact Information - For inquiries regarding the implementation of the profit distribution, shareholders can contact the Securities and Investor Relations Department at 027 87773898 [9].

Core Viewpoint - Huanxin Building Materials announced a cash dividend distribution plan for the first three quarters of 2025, with a cash dividend of 0.34 yuan per share (tax included) [1] Summary by Category - **Dividend Announcement** - The cash dividend of 0.34 yuan per share will be distributed to A-share holders [1] - The record date for the dividend is set for December 3, 2025, and the ex-dividend date is December 4, 2025 [1]

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [12]. Core Viewpoints - The report highlights an increase in expectations regarding real estate policies, suggesting a focus on high-quality consumer building materials leaders. The industry is experiencing intensified downward pressure, but the anticipated policy tools aim to reduce housing burdens, which could support residential demand [6][9]. - The report recommends focusing on quality leaders in consumer building materials, such as SanKeTree, TuBaoBao, and WeiXing New Materials, as they possess bottom value and are expected to benefit from policy changes and operational turning points [6][9]. - The report notes a slight decline in cement prices and a shift in glass inventory from decrease to increase, indicating ongoing challenges in the market [7][8]. Summary by Sections Basic Situation - Cement prices have slightly decreased, with a national average of 355.65 yuan/ton, down 1.45 yuan/ton week-on-week and down 76.77 yuan/ton year-on-year. The cement output rate is approximately 45.5%, reflecting a 0.4 percentage point decrease [24][32]. - The glass market is operating weakly, with a national average price of 61.55 yuan per weight box, down 1.84 yuan per weight box week-on-week and down 15.22 yuan year-on-year. The inventory of glass has increased, indicating pressure on the market [38][40]. Recommendations - The report continues to recommend investments in the African supply chain and existing supply chain leaders, highlighting companies like Huaxin Cement and Keda Manufacturing as key players benefiting from demand recovery and structural optimization [9]. - It emphasizes the importance of focusing on quality leaders in the consumer building materials sector, particularly those with strong business models and growth potential, such as SanKeTree and TuBaoBao [9]. Market Trends - The report indicates that the downward slope of the industry is increasing, with a focus on the expected rise in real estate policies. The core reasons for the pressure on housing prices in major cities are linked to income and inflation expectations, as well as the rental-to-sale ratio being inverted with mortgage rates [6][9].

湖北松之盛律师事务所 关于华新建材集团股份有限公司 差异化分红事项之 专项法律意见书 中国.武汉市洪山区欢乐大道 9 号正堂·IBO 时代 1 号楼 18 楼 电话（Tel）：027-86770385 传真（Fax）：027-86777385 二〇二五年十一月 湖北松之盛律师事务所 华新建材差异化分红事项之专项法律意见书 湖北松之盛律师事务所 关于华新建材集团股份有限公司 差异化分红事项之专项法律意见书 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（以下简称公司或华新建材）的委托，根据《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股份回购规则》（以下简 称"《回购规则》"）、《上海证券交易所交易规则》、《上海证券 交易所上市公司自律监管指引第 7 号——回购股份》（以下简称"《自 律监管指引第 7 号》"）、《上海证券交易所上市公司自律监管指南 第 2 号-业务办理》（以下简称"《自律监管指南第 2 号》"）、《上 海证券交易所股票上市规则》等法律、法规、部门规章、规范性文件， 以及《华 ...