证券代码：600801 证券简称：华新水泥 公告编号：2025-012 华新水泥股份有限公司 关于召开2024年年度股东会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一)股东会类型和届次 2024年年度股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 27 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。 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年5月27日 本次股东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 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 5 月 27 日 至2025 年 5 月 27 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 东会召开当日的交 ...

华新水泥股份有限公司 会议地点：华新大厦 B 座 2 楼会议室 会议主席：徐永模 一、会议开始 2024 年年度股东会 会议资料 2025 年 5 月 27 日 | | | | 一、会议议程 | 1 | | | --- | --- | --- | | 二、会议议案 | 1 | | | 1.公司 2024 | 年度董事会工作报告 | 2 | | 2.公司 2023 | 年度监事会工作报告 | 7 | | 3.公司 2024 | 年度财务决算及 2025 年度财务预算报告 | 10 | | 4.公司 2024 | 年度利润分配方案 | 14 | | 5.公司 2024 | 年年度报告 | 15 | | 6.关于续聘安永华明会计师事务所(特殊普通合伙)作为本公司 | 2025 年度 财务审计和内部控制审计之核数师的议案 | 16 | | 三、听取独立董事 | 2024 年度述职报告 19 | | | 1.独立董事黄灌球 | 2024 年度述职报告 | 19 | | 2.独立董事张继平 | 2024 年度述职报告 | 23 | | 3.独立董事江泓 | 2024 年度述职报告 | 27 | 会议议程 会议时间：202 ...

一、董事会会议召开情况 证券代码：600801 证券简称：华新水泥 公告编号：2025-011 华新水泥股份有限公司 第十一届董事会第十一次会议决议公告 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个别及连带责任。 华新水泥股份有限公司（以下简称"公司"）第十一届董事会第十一次会议于2025年4 月29日以现场结合通讯方式召开。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，董事会秘书出席了本次会议。监事会主席及部分高管列席了本次会议。公司于2025 年4月18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。 二、董事会会议审议情况 本次董事会会议经审议并投票表决，通过如下重要决议： 1、公司2025年第一季度报告（表决结果：同意9票，反对0票，弃权0票） 本报告已经董事会审计委员会审议通过，并同意提交董事会审议。 2、关于召开公司 2024 年年度股东会的议案（表决结果：同意 9 票，反对 0 票，弃权 0 票）。 详情请参见同日披露的公司 2025- ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 7,161,642,321, representing a 1.10% increase compared to CNY 7,083,601,678 in the same period last year[5] - Net profit attributable to shareholders increased by 31.80% to CNY 233,909,321 from CNY 177,469,351 year-on-year[5] - The net profit after deducting non-recurring gains and losses rose by 55.34% to CNY 235,658,045 compared to CNY 151,703,644 in the previous year[5] - Basic earnings per share increased by 25.32% to CNY 0.11 from CNY 0.09 year-on-year[5] - Net profit for Q1 2025 was ¥344,906,499, representing a 18.1% increase from ¥291,984,821 in Q1 2024[17] - The gross profit margin improved to approximately 26.5% in Q1 2025, compared to 24.5% in Q1 2024[17] - The company reported a basic earnings per share of ¥0.11 for Q1 2025, up from ¥0.09 in Q1 2024[19] Cash Flow and Investments - The net cash flow from operating activities was negative at CNY -106,157,590, a significant decrease of 199.22% from CNY 106,994,109 in the same period last year[5] - In Q1 2025, the net cash flow from operating activities was -106,157,590 RMB, compared to 106,994,109 RMB in Q1 2024, indicating a significant decline[21] - Total cash inflow from operating activities decreased to 6,144,847,905 RMB in Q1 2025 from 6,572,717,778 RMB in Q1 2024, a drop of approximately 6.5%[21] - The cash outflow from investing activities was 2,160,017,641 RMB in Q1 2025, up from 1,283,715,808 RMB in Q1 2024, representing an increase of about 68.2%[21] - The cash inflow from investment activities was significantly lower at 308,263,397 RMB in Q1 2025 compared to 1,014,759,132 RMB in Q1 2024, a decline of approximately 69.7%[21] - Cash outflow for purchasing fixed assets and other long-term assets was 641,517,062 RMB in Q1 2025, compared to 569,406,414 RMB in Q1 2024, an increase of about 12.6%[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 71,068,870,929, up 2.24% from CNY 69,512,689,187 at the end of the previous year[6] - Total liabilities rose to ¥36,152,798,036, an increase of 4.5% from ¥34,614,884,740 at the end of 2024[14] - The company's total assets increased to ¥71,068,870,929 as of March 31, 2025, up from ¥69,512,689,187 at the end of 2024[14] - Shareholders' equity attributable to shareholders increased by 0.63% to CNY 30,483,590,615 from CNY 30,291,427,176 at the end of the previous year[6] - The total equity attributable to shareholders increased to ¥30,483,590,615 from ¥30,291,427,176 at the end of 2024[14] Non-Recurring Items - Non-recurring gains and losses for the period totaled CNY -1,748,724, primarily due to various adjustments and government subsidies[7] - The company experienced a 31.80% increase in net profit attributable to shareholders due to higher profitability from subsidiaries with high shareholding ratios[8] - The significant decrease in operating cash flow was attributed to increased working capital investments, including receivables[8] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[18]

Financial Performance - Revenue for the first quarter reached RMB 7,161,642,321, representing a 1.10% increase compared to RMB 7,083,601,678 in the same period last year[6] - Net profit attributable to shareholders increased by 31.80% to RMB 233,909,321 from RMB 177,469,351 year-on-year[6] - Basic earnings per share rose by 25.32% to RMB 0.11, up from RMB 0.09 in the previous year[6] - Net profit for Q1 2025 was RMB 344,906,499, representing a 18.1% increase from RMB 291,984,821 in Q1 2024[15] - Operating profit for Q1 2025 was RMB 522,626,995, up 47.0% from RMB 355,565,938 in Q1 2024[15] - Total operating revenue for Q1 2025 reached RMB 7,161,642,321, a slight increase of 1.1% compared to RMB 7,083,601,678 in Q1 2024[15] - Total operating costs for Q1 2025 were RMB 6,656,695,494, a decrease of 1.7% from RMB 6,770,044,998 in Q1 2024[15] - The company’s total comprehensive income for Q1 2025 was RMB 246,248,319, down from RMB 375,752,767 in Q1 2024[15] Cash Flow and Assets - The net cash flow from operating activities showed a significant decline of 199.22%, resulting in a negative cash flow of RMB -106,157,590[6] - The company reported a net cash flow from operating activities of -RMB 106,157,590 in Q1 2025, compared to RMB 106,994,109 in Q1 2024[18] - Cash and cash equivalents at the end of Q1 2025 totaled RMB 5,454,580,595, down from RMB 5,881,347,510 at the end of Q1 2024[19] - The company's cash and cash equivalents decreased to RMB 6,303,644,500 from RMB 6,809,002,574, representing a decline of approximately 7.41%[13] - Current assets totaled RMB 15,874,920,557, slightly up from RMB 15,791,607,023, indicating a marginal increase of about 0.53%[13] - Total assets at the end of the reporting period were RMB 71,068,870,929, a 2.24% increase from RMB 69,512,689,187 at the end of the previous year[6] - The company’s total non-current assets reached RMB 55,193,950,372, an increase from RMB 53,721,082,164, reflecting a growth of about 2.74%[13] Shareholder Information - The company reported a total of 42,849 shareholders as of March 31, 2025, with 42,840 being A-share shareholders[9] - The top three shareholders hold a combined 73.31% of the shares, with Hong Kong Central Clearing Limited holding 35.34%[10] Liabilities and Equity - Total liabilities increased to RMB 36,152,798,036 from RMB 34,614,884,740, which is an increase of about 4.45%[14] - The company's long-term borrowings stood at RMB 9,786,214,543, up from RMB 9,598,770,711, reflecting an increase of approximately 1.95%[14] - The total equity attributable to shareholders increased to RMB 30,483,590,615 from RMB 30,291,427,176, indicating a growth of about 0.63%[14] Operational Efficiency and Strategy - The company plans to continue focusing on increasing profitability through enhanced operational efficiency and strategic investments[6] - Non-operating income included government subsidies amounting to RMB 30,597,736, contributing positively to the financial results[8] Inventory and Receivables - Accounts receivable rose significantly to RMB 3,752,968,534, up from RMB 2,969,799,883, marking an increase of around 26.36%[13] - The company's inventory remained stable at RMB 3,096,903,917, compared to RMB 3,057,769,490, showing a slight increase of around 1.28%[13] - The company reported a total of RMB 806,087,922 in contract liabilities, up from RMB 715,946,303, which is an increase of approximately 12.66%[14] Financial Expenses - The company incurred financial expenses of RMB 309,432,477 in Q1 2025, significantly higher than RMB 182,064,693 in Q1 2024[15] Management and Location - The board of directors includes executive directors Li Yeqing (CEO) and Liu Fengshan (Vice President) as well as non-executive directors and independent non-executive directors[23] - The company is based in Wuhan, Hubei Province, China[23]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Viewpoints - The industry is expected to focus on stability, with technology and domestic demand as the main themes [1] - The construction materials sector has shown a slight increase of 0.22% this week, underperforming compared to the CSI 300 and Wind All A indices [4] - The report anticipates a significant acceleration in home decoration demand in Q3 2025, driven by policies promoting consumption [4] Summary by Sections 1. Industry Trends - The construction materials sector has experienced a price fluctuation, with the national average price of high-standard cement at 390.8 RMB/ton, down 1.8 RMB/ton from last week but up 35.7 RMB/ton year-on-year [4][22] - Cement market demand has slightly weakened due to seasonal rainfall, with a national average cement shipment rate of 47.4%, down 1.3 percentage points from last week [30] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The national cement market price has decreased by 0.5% this week, with price adjustments mainly in East, Central, and Southwest regions [21] - The report highlights that the cement industry is expected to maintain profitability, with leading companies showing a strong willingness to protect margins [5][12] 2.2 Glass Fiber - The profitability of the glass fiber industry remains at a low point, but demand in wind power and thermoplastics is expected to grow, leading to a gradual recovery in supply-demand balance [13] - The report recommends companies like China Jushi and suggests monitoring others like Zhongcai Technology and Shandong Glass Fiber [13] 2.3 Glass - The glass industry is currently facing a weak balance in supply and demand, with slow inventory depletion and limited price rebound potential [15] - The report recommends Qibin Group and suggests monitoring Nanbo A for potential growth [15] 3. Home Decoration Materials - The report indicates that government policies aimed at boosting domestic demand are expected to enhance home decoration consumption, with a year-on-year sales growth of 8.7% in early 2025 [16] - Recommended companies include Beixin Building Materials and Arrow Home, focusing on those with strong growth intentions and competitive advantages [16]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The industry is expected to focus on stability, with technology and domestic demand as the main themes [1] - The construction materials sector has shown a slight increase of 0.22% this week, underperforming compared to the Shanghai Composite Index and the Wind All A Index [4] - The report anticipates a significant acceleration in home decoration demand in Q3 2025, driven by policies promoting consumption [4] Summary by Sections 1. Industry Trends - The construction materials sector has experienced a price fluctuation, with the national average price of high-standard cement at 390.8 RMB/ton, down 1.8 RMB/ton from last week but up 35.7 RMB/ton year-on-year [4][22] - Cement market demand has slightly weakened due to seasonal rainfall, with a national average shipment rate of 47.4%, down 1.3 percentage points from last week [30] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The national cement market price has decreased by 0.5% this week, with price adjustments mainly in East, Central, and Southwest regions [21] - The report highlights that the cement industry is expected to maintain profitability, with leading companies showing a strong willingness to protect margins [5][12] - The average cement inventory ratio is 61.8%, unchanged from last week but down 6.6 percentage points year-on-year [30] 2.2 Glass Fiber - The glass fiber industry is experiencing a recovery in profitability, with demand in wind power and thermoplastics sectors continuing to grow [13] - The report suggests that leading companies in the glass fiber sector are likely to benefit from structural advantages and cost efficiencies [13] 2.3 Glass - The glass industry is facing a weak balance between supply and demand, with slow inventory depletion and limited price rebound potential [15] - The report recommends focusing on leading companies that can leverage resource advantages and benefit from industry capacity reductions [15] 3. Industry Dynamics Tracking - The report notes that external uncertainties, such as trade tensions, are increasing, but domestic policies are expected to support consumption and stabilize the real estate market [16] - The report emphasizes the importance of government policies in boosting home decoration demand, with a notable increase in sales in early 2024 [16] 4. Weekly Market Review - The construction materials sector has shown a slight increase in performance compared to broader market indices, indicating potential investment opportunities [4][20]

Core Viewpoint - The integration of AI technology with sustainable development is driving industrial upgrades and green transformation, enhancing energy efficiency and operational effectiveness across various sectors [1][3]. Group 1: AI in ESG Reporting and Management - Companies are leveraging AI technology to innovate ESG management practices, making it a highlight in their 2024 ESG disclosures [1]. - Guodian Power has released its first ESG report compiled using AI, which enhances the quality and efficiency of ESG reporting by improving research and topic identification processes [1]. - DNV's director noted that AI can reduce disclosure costs and reliance on professional ESG analysts, minimizing repetitive human input [1]. Group 2: AI Empowering Corporate Governance - Keda Intelligent has upgraded its ESG practice system by creating an "ESG+AI" innovation platform, optimizing energy management and providing smart industrial solutions [2]. - China Ping An has established a unified ESG evaluation standard and an AI-ESG platform to enhance ESG management and risk control [2]. - Kain Co. has integrated AI into its manufacturing processes, creating a responsible production system that promotes green and smart factories [2]. Group 3: AI Driving Efficiency and Sustainability - A Deloitte report indicates that 78% of surveyed companies plan to increase AI investments by 2025, focusing on generative AI for supply chain management and compliance [3]. - Kingdee International collaborates with HeSteel Digital to enhance steel waste quality verification and carbon asset management using AI, achieving over 90% accuracy in identifying medium and heavy steel waste types [3]. - WanGuo Data is utilizing AI to improve energy efficiency in data center operations, addressing high energy consumption challenges [3]. Group 4: AI Applications Across Industries - In logistics, SF Technology is using its self-developed AI model to enhance green logistics supply chains, achieving cost reduction and energy savings [4]. - In finance, Bank of China Hong Kong is enhancing its fraud detection capabilities through AI, improving transaction monitoring [4]. - In insurance, China Ping An's AI platform has served over 6,000 personnel in risk control, achieving over 92% accuracy in financial risk warnings [4][5]. Group 5: AI Ethics and Data Security - Industry experts emphasize the need for data compliance and security in AI applications for ESG governance, highlighting the challenges of data legality and privacy [5]. - Kingdee International has established an algorithm safety studio to manage AI risks and ensure responsible technology innovation through ethical review mechanisms [6]. - China Ping An has committed to ethical governance in AI development and application, forming committees to ensure information security and privacy protection [6].

Investment Rating - The industry view is rated as Attractive, with a preference for gold, cement, building materials, and steel for 2Q25 [7]. Core Insights - Demand in the materials sector showed signs of recovery in 1Q25, but the outlook for 2Q25 is uncertain due to tariff concerns. Domestic excavator sales increased by 38% YoY, and orders from cathode producers rose by 20% due to strong demand from electric vehicles (EV) and energy storage [2]. - The report anticipates that metals-related stocks may outperform in 2H25 as further stimulus is expected [1][6]. - The tariff impact is projected to weigh heavily on the materials space, with a forecasted GDP growth reduction of 30 basis points to 4.2% for 2025 due to tariff shocks and domestic demand impacts [2][18]. Summary by Sections Gold - Gold is identified as the top pick within commodities, supported by ongoing central bank buying and rising ETF inflows. Lower Treasury yields are expected to enhance gold's macro backdrop. Preferred stocks include Zhaojin (1818.HK) and Zijin Mining (2899.HK, 601899.SS) [3]. Cement and Steel - Cement supply-side controls were announced in November 2024, leading to a focus on profitability rather than price wars. The report expects a significant increase in gross profit per ton due to lower coal prices and higher cement prices. For steel, a production cut of 30 million tons and an export cut of 15-20 million tons are anticipated in 2025. Preferred stocks include Anhui Conch (0914.HK, 600585.SS), CNBM (3323.HK), and Baosteel (600019.SS) [4]. Copper and Aluminum - In 2H25, copper and aluminum are expected to outperform due to continued demand from grid and EV-related green infrastructure. Additional fiscal stimulus could further support demand. Preferred stocks include Zijin (2899.HK, 601899.SS), CMOC (3993.HK, 603993.SS), and Hongqiao (1378.HK) [5]. Tariff Impact - The report highlights that the current cumulative US tariffs could have a more significant growth drag than in 2018-19, with expectations of trade talks to lower tariffs to 34% by year-end. The tariff shocks are expected to impact both trade channels and domestic demand [17][18].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [12]. Core Views - The company is distinct from domestic peers, classified as a cyclical growth stock, with domestic cement profits at a turning point above the bottom [3][7]. - Growth is driven by overseas cement expansion, providing new growth points through cross-regional market expansion, while the aggregate business is stabilizing, expected to contribute steady profits in the medium term [3][7]. Summary by Sections Aggregate Business - The aggregate sector is less focused on real estate, showing stronger recovery momentum under stable growth conditions [8]. - Key advantages include regional pricing due to shorter transportation distances (within 50 km), flexible production with zero switching costs, and significant cost differences that prevent the aggregate sector from becoming the next cement sector [9][26]. - The company has established a leading position in the aggregate industry, with a focus on Hubei and a strong operational scale [9][32]. Overseas Market - The company is positioned to benefit from the African cement market, which has a current demand of 250 million tons per year, with potential growth to 770 million tons if consumption levels match those of North Africa [10][48]. - The company has a competitive edge in technology and management, with a current market share of about 5% in Africa, indicating significant expansion potential [10][48]. - The company is acquiring cement assets in Nigeria, with a production capacity of 10.5 million tons, expected to enhance profitability post-integration [10][61]. Domestic Cement Market - The domestic cement market is facing challenges, with a projected demand decline in 2024, but potential recovery is anticipated in 2025 due to supply-side reforms and increased infrastructure investment [11][73]. - The company expects significant improvements in price and profitability in 2025-2026, with projected earnings of 2.6 billion and 3.1 billion yuan, respectively [11].