Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [1] Core Views - The short-term economic downturn is causing the real estate chain to hover at the bottom, but the overall direction remains positive with expectations for recovery in the home improvement sector by Q3 2025 [3][4] - The cement market is experiencing a slight price decline, with the national average price at 387.7 RMB/ton, down 3.2 RMB/ton from last week but up 29.7 RMB/ton year-on-year [3][19] - The report highlights the potential for recovery in demand for building materials, driven by government policies aimed at stabilizing the real estate market and boosting domestic consumption [15] Summary by Sections 1. Industry Overview - The building materials sector saw a decline of 2.14% this week, underperforming the CSI 300 index, which fell by 0.43% [3] - The report emphasizes the importance of low-valuation leading companies and expansion-oriented firms as key investment targets [3][4] 2. Bulk Building Materials Fundamentals and High-Frequency Data 2.1 Cement - The national cement market price has decreased by 0.8% this week, with regional variations noted [18] - The average cement inventory level is at 61.7%, down 0.1 percentage points from last week [27] - The report anticipates a weak but stable price trend moving forward due to ongoing supply-demand adjustments [4][18] 2.2 Glass Fiber - The glass fiber industry is expected to see a gradual recovery in profitability, with demand from wind power and thermoplastics sectors continuing to grow [12] - The report suggests that leading companies may benefit from structural advantages and cost efficiencies [12] 2.3 Glass - The glass industry is currently facing a weak balance between supply and demand, with slow inventory depletion [13] - The report indicates that rising costs from petroleum coke may impact profitability, but leading companies are expected to maintain competitive advantages [14] 3. Industry Dynamics Tracking - The report notes that government policies are increasingly focused on stimulating domestic demand and stabilizing the real estate market, which is expected to positively impact the building materials sector [15] - The anticipated implementation of "old-for-new" policies in 2025 is expected to further boost demand for home improvement materials [15] 4. Weekly Market Review - The report provides a detailed analysis of price changes in the cement market, highlighting significant regional differences [20] - It also includes a summary of the performance of various building materials companies, emphasizing those with strong growth potential and competitive advantages [16][17]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The new housing market is showing signs of recovery, with a notable increase in new home transactions in major cities, indicating a potential boost in demand for construction materials [2][20] - The cement market is experiencing a slight price decline, but demand is expected to improve as weather conditions stabilize and construction activities pick up [3][23] - The report emphasizes the importance of domestic consumption and infrastructure investment, particularly in light of the "equal tariff" environment, which is expected to strengthen domestic demand [7][9] Summary by Sections Housing Market - In the 18th week of the year, new home transaction area in 30 major cities reached 165.19 million square meters, up 21% year-on-year and 6.19% month-on-month [2][20] - The total transaction area for new homes in these cities is 29.32 million square meters, showing no year-on-year change [2][20] - Second-hand home transactions in 15 monitored cities increased by 56% year-on-year but saw a significant month-on-month decline [21] Cement Market - The national average cement price is 390.83 yuan per ton, down 0.8% from the previous week, with price increases mainly in Liaoning and Jilin [3][23] - The cement market is expected to stabilize as demand improves and companies engage in peak-shifting production practices [23] Investment Recommendations - Recommended companies include: - **Oriental Yuhong**, **Weixing New Materials**, and **Tubaobao** for their strong operational resilience and high dividends [7] - **China Construction** and **China Communications Construction** as beneficiaries of increased infrastructure investment [7] - **Jinchengxin** for its strong performance in copper resource development [7] - **Heilongjiang Hongda** and **Xuefeng Technology** in the civil explosives sector due to high demand [7] Industry Trends - The report highlights the ongoing trend of domestic substitution in various sectors, particularly in ship coatings and industrial coatings, with companies like **Maijia Xincai** and **Songjing Coatings** positioned to benefit [7] - The "Belt and Road" initiative is expected to gain momentum, benefiting international engineering companies such as **China Construction** and **China Metallurgical** [7]

Industry Overview - Cement is a powdery hydraulic inorganic binder material that hardens in air or water when mixed with water, binding materials like sand and stone together [1] - The cement industry consists of three stages: upstream raw material supply, midstream cement production, and downstream application in construction and infrastructure [2][5] - The midstream is the core of cement manufacturing, involving the processing of raw materials into clinker and then into cement [3] Industry Development History - The cement industry in China has evolved through several stages closely linked to national economic development, policy adjustments, and market demand changes [7] - Key stages include: 1. Initial exploration (1978-1984) 2. Transition from planned to market economy (1985-1995) 3. Elimination and upgrading (1996-2000) 4. Rapid development (2001-2010) 5. Supply-demand balance adjustment (2011-2021) 6. Seeking industrial upgrade breakthroughs (2022-present) [9] Industry Policy Background - Recent policies aim to address overcapacity and promote orderly development through measures like banning new capacity, eliminating outdated capacity, and promoting peak production [10] Current Industry Status - The cement industry in China has seen fluctuating revenue, with a peak of 1.01 trillion yuan in 2019, followed by a decline to 888.51 billion yuan in 2022 due to the pandemic [11] - Cement production has also declined, dropping to 21.18 billion tons in 2022 and projected to fall to 18.25 billion tons in 2024 [12] - Apparent cement consumption has decreased for three consecutive years, with a forecast of 18.2 billion tons in 2024, the lowest in a decade [15] - The downstream application structure shows that infrastructure construction accounts for the largest share of cement demand at 63%, followed by real estate at 22% and civil use at 15% [17] Competitive Landscape - The cement industry is characterized by regional concentration, with significant numbers of enterprises in central provinces like Hebei, Henan, and Hubei [19] - The overall concentration in the cement sector is low, with China National Building Material (CNBM) leading in production capacity at 518 million tons, followed by Anhui Conch at 395 million tons [20] Future Development Outlook - The cement industry faces a shrinking market due to weakened downstream demand linked to the real estate market and slowing infrastructure investment [24] - Future trends include capacity replacement and the adoption of smart technologies, with a focus on green mining practices [26]

Core Viewpoint - The company reported a revenue of 7.16 billion yuan for Q1 2025, showing a year-on-year increase of 1.1%, while the net profit attributable to shareholders reached 230 million yuan, up 31.8% year-on-year, indicating a recovery in profitability driven by rising cement prices and declining coal costs [1] Group 1: Financial Performance - The company achieved a net profit of 230 million yuan in Q1 2025, a year-on-year increase of 31.8% [1] - The non-recurring net profit attributable to shareholders was 240 million yuan, reflecting a year-on-year growth of 55.3% [1] - The comprehensive gross profit margin for Q1 2025 was 26.1%, an increase of 4.2 percentage points year-on-year [2] Group 2: Market Conditions - Domestic cement production in Q1 2025 was 330 million tons, a decrease of 1.4% year-on-year, indicating weak demand [1] - The average price of cement in Wuhan for Q1 2025 was 398 yuan per ton, an increase of 48 yuan per ton or 14% year-on-year [1] - The price of thermal coal decreased significantly, with the average price for Q1 2025 at 726 yuan per ton, down 180 yuan per ton or 20% year-on-year [1] Group 3: Overseas Expansion - The company’s overseas cement production capacity exceeded 25 million tons by 2024, with significant projects in Tajikistan, Cambodia, Tanzania, and South Africa [3] - Overseas revenue reached 7.98 billion yuan, a year-on-year increase of 47%, accounting for 24% of total revenue [3] - The company signed contracts for cement production capacity of 10.6 million tons per year in Nigeria and 8.8 million tons per year in Brazil, enhancing its global business footprint [3] Group 4: Cost and Expenses - The financial expense ratio for Q1 2025 was 4.7%, an increase of 1.7 percentage points year-on-year, attributed to exchange rate fluctuations [2] - The company reported a net profit margin of 4.8% for Q1 2025, an increase of 0.7 percentage points year-on-year [2]

Investment Rating - The report assigns an "Accumulate" rating for Huaxin Cement, indicating a positive outlook for the company's stock performance in the near term [1]. Core Views - Huaxin Cement is actively expanding its overseas operations, which opens up significant growth opportunities. The company aims to double its overseas cement production capacity from 25 million tons to approximately 50 million tons by 2025 [6][31]. - Despite a decline in cement sales, the company has seen notable growth in its non-cement businesses, such as aggregates and concrete, which have become important contributors to overall profitability [6][24]. - The company's revenue has shown a consistent upward trend, with a record high of 34.217 billion yuan in 2024, reflecting resilience in a challenging industry environment [36]. Summary by Sections 1. Company Overview - Huaxin Cement, founded in 1907, is one of China's oldest cement companies and has evolved into a global building materials group with operations in 17 provinces and 16 countries [13][14]. 2. Integrated Development - The company has achieved vertical integration by developing a full industry chain that includes cement, concrete, aggregates, and new building materials, enhancing its competitive advantage [15][17]. 3. Sales and Profitability - Cement sales declined by 22% in 2022 but showed a slight recovery in 2023. In 2024, the decline was limited to about 2%, outperforming the industry average [6][24]. - Non-cement business revenues, particularly from concrete and aggregates, have increased significantly, contributing to overall profitability [24][26]. 4. Overseas Expansion - The company has established a presence in 12 countries and aims to enhance its international footprint, particularly in Central Asia and Africa, where demand for cement is expected to grow [6][31]. - In 2024, overseas revenue reached 7.984 billion yuan, a 47% increase year-on-year, with cement sales growing by 37% [31][34]. 5. Financial Performance - The company achieved a net profit of 2.953 billion yuan in 2024, despite a decline from the previous year, showcasing its ability to maintain profitability amid industry challenges [36][39]. - The weighted average return on equity (ROE) for 2024 was 8.16%, positioning the company favorably within the industry [39]. 6. Investment Recommendations - The report forecasts EPS for 2025-2027 to be 1.24 yuan, 1.43 yuan, and 1.52 yuan, respectively, with corresponding PE ratios indicating an attractive valuation [46][51]. - The company maintains a stable dividend payout ratio of around 40%, providing a reliable return for shareholders [43][44].

Core Insights - The company reported Q1 2025 revenue of 7.162 billion yuan, a year-on-year increase of 1.10%, and a net profit attributable to shareholders of 234 million yuan, up 31.80% year-on-year [1] - The increase in domestic cement prices and a decrease in coal costs contributed to gross profit, despite slow recovery in domestic demand impacting sales [2] - The company expects continued profit growth from overseas cement operations and stable unit profitability from aggregates, with net profit projections for 2025-2027 being 2.438 billion, 2.504 billion, and 2.642 billion yuan respectively [3] Financial Analysis - The average price of high-standard cement in Q1 was 398 yuan/ton, reflecting a year-on-year increase of 35 yuan/ton, indicating a significant price recovery [2] - The difference between net profit and net profit attributable to shareholders is influenced by shareholding ratios in overseas operations, with minority interests exceeding 110 million yuan in Q1 [2] - Financial expenses increased by 70% year-on-year, primarily due to exchange rate impacts, with sales, management, and financial expense ratios reported at 5.30%, 6.41%, and 4.32% respectively [2] Profit Forecast and Valuation - The company maintains a "buy" rating, with expected net profit growth rates of 1%, 3%, and 6% for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 11, 11, and 10 [3] - The company is expected to manage exchange rate risks effectively as it expands overseas operations, learning from experiences to mitigate profit volatility [3]

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]