Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The report emphasizes the need to focus on the optimization of real estate policies in Guangzhou, which includes the cancellation of purchase restrictions and the reduction of down payment ratios and interest rates to stimulate housing consumption [6][20] - The report highlights a decline in cement shipments and an increase in glass inventory, indicating a weak demand in the real estate sector [7][24] - Recommendations include focusing on domestic substitution chains and African chains, with leading companies being the main investment theme for the year [9] Summary by Sections Real Estate Policy - Guangzhou plans to optimize real estate policies, including the cancellation of purchase restrictions and the reduction of down payment ratios and interest rates. The city aims to support housing consumption and urban renewal projects, with a fixed asset investment of 100 billion yuan for the renovation of urban villages and old communities by 2025 [6][20] Cement Market - In early June, the average shipment rate for cement companies in key regions was 45.5%, down approximately 2.3 percentage points month-on-month and 4.0 percentage points year-on-year. The average price of cement decreased by 0.9% month-on-month, reflecting weak demand [7][24][25] - The national average price of cement was 365.32 yuan per ton, a decrease of 3.23 yuan per ton month-on-month and a decrease of 29.03 yuan per ton year-on-year [25] Glass Market - The domestic float glass market showed a weak price trend, with a total inventory of 60.45 million weight boxes, an increase of 34,000 weight boxes week-on-week. The production capacity utilization rate was 81.56% [8][37] - The average price of glass was 71.15 yuan per weight box, down 0.44 yuan per weight box month-on-month and down 19.00 yuan per weight box year-on-year [37] Recommended Companies - For domestic substitution, companies such as China National Materials, Meijia Xincai, and Puyang Huicheng are recommended due to their strong positions in the market. For the African chain, Keda Manufacturing is highlighted as a leading player with advantages in production and branding [9] - The report also suggests focusing on companies with strong business models and growth potential, such as Sanke Tree and Rabbit Baby, which are expected to benefit from urban renewal policies [9]

Distribution Plan - The profit distribution plan was approved at the company's annual shareholders' meeting on May 27, 2025, for the fiscal year 2024 [1] - The total share capital before the distribution is 2,078,995,649 shares, with a cash dividend of 0.46 yuan per share (before tax), totaling 956,337,998.54 yuan [2] Implementation Method - Cash dividends for unrestricted circulating shares will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch, with shareholders able to collect their dividends on the payment date if they have completed designated transactions [3] - For shareholders who have not completed designated transactions, dividends will be held by the China Securities Depository and Clearing Corporation Limited Shanghai Branch until the transactions are completed [3] Taxation Details - For individual shareholders and securities investment funds holding A-shares, the company will not withhold personal income tax, resulting in an actual cash dividend of 0.46 yuan per share [5] - For institutional investors classified as residents under the Corporate Income Tax Law, the actual cash dividend remains 0.46 yuan per share without withholding [6] - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.414 yuan per share [7] Contact Information - For inquiries regarding the implementation of this equity distribution, shareholders can contact the Securities and Investor Relations Department at 027-87773898 [8]

Core Points - The company announced a cash dividend of 0.46 CNY per share for A shares, totaling approximately 956.34 million CNY based on a total share capital of 2,078,995,649 shares [1] - The profit distribution plan was approved at the annual shareholders' meeting held on May 27, 2025 [1] - The record date for the dividend is June 19, 2025, with the last trading day and ex-dividend date also set for June 20, 2025 [1] Distribution Details - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the record date [1] - Shareholders who have completed designated transactions can receive their cash dividends on the distribution date at their designated securities business department [1] - For shareholders who have not completed designated transactions, the dividends will be held by the China Securities Depository and Clearing Corporation Limited until the designated transaction is completed [1] Taxation Information - The company will not withhold individual income tax for natural person shareholders and securities investment funds, resulting in a net cash dividend of 0.46 CNY per share [2] - For institutional investors classified as residents under the Corporate Income Tax Law, the actual cash dividend remains 0.46 CNY per share without withholding [3] - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.414 CNY per share [3][4]

华新水泥股份有限公司 2024年年度权益分派实施公告 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法律责任。 证券代码：600801 证券简称：华新水泥 公告编号：2025-017 每股分配比例 A 股每股现金红利0.46元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | 重要内容提示： 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 27 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： （2）派送红股或转增股本的，由中国结算上海分公司根据股权登记日上海证券交易所收 市后登记在册股东持股数，按比例直接计入股东账户 ...

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - The sales of the top 100 real estate companies are weak, with a year-on-year decline of 10.4% in sales amount and 23.6% in sales area in May 2025, indicating a need for continued policy support for the real estate sector [5][6] - The report recommends focusing on the domestic substitution chain and the African building materials chain, with leading companies in the existing market being the main focus for the year [9] Summary by Sections Real Estate Sales - In May 2025, the total sales amount of the top 100 real estate companies decreased by 10.4% year-on-year, while the sales area dropped by 23.6%. The month-on-month sales amount increased by 4.2%, and the sales area rose by 2.7%, but these figures are still below the average from 2018 to 2024 [5][6] Central Government Support - The central government plans to provide over 20 billion yuan to support urban renewal actions in 20 cities, focusing on areas such as underground pipeline updates, sewage treatment, and the renovation of historical and old districts [6][21] Cement Market - The cement shipment rate remained stable month-on-month at approximately 48%, with a year-on-year decline of 2.3 percentage points. The average price of cement was 368.55 yuan per ton, down 4.19 yuan from the previous week [7][26] Glass Market - The domestic float glass market showed weak transactions, with prices continuing to decline. The average price was 71.59 yuan per weight box, down 1.25 yuan from the previous week [8][40] Recommended Companies - For domestic substitution, companies such as China National Materials, Meijia Xincai, and Puyang Huicheng are recommended due to their strong positions in the special glass fiber market. For the African chain, Keda Manufacturing is highlighted as a local leader with advantages in production and branding [9]

Core Points - The launch of Huanxin's first self-owned international cargo ship marks a significant step in the company's international logistics business and its accelerated globalization efforts [1][5] - Huanxin aims to enhance its international trade logistics system by building a comprehensive digital platform covering shipping, warehousing, and distribution, which will improve logistics efficiency and reduce international trade costs [1] - The company has a substantial aggregate production capacity of 285 million tons per year and operates six aggregate projects overseas, indicating potential for breakthroughs in aggregate transportation [1] Summary by Sections - **Vessel Details** - The vessel, named "NOVA FORTUNA," is a bulk carrier with a gross tonnage of 2,646 tons and a deadweight tonnage of 3,800 tons, capable of carrying 3,500 tons [2][4] - The first shipment includes production equipment and materials for upgrading the Mozambique factory, totaling approximately 2,352 cubic meters [2] - **Strategic Intent** - The ship will primarily facilitate the transportation of cement from Huanxin's Mozambique factory to various East African islands, including Madagascar, Comoros, Mauritius, and Réunion [4] - Huanxin plans to diversify its logistics services by acquiring more vessels, trains, and trucks to expand its market presence in Africa [4] - **Business Expansion** - Huanxin has established operations in 18 countries globally, with over 40 building material factories in 13 countries, achieving positive economic and social benefits [4]

水泥产能规模达1.26亿吨，品牌价值破千亿元，坐拥300余家分、子公司，业务覆盖全球18个国家和地区，在海外13个国家建设及运营有40余家建材工厂 ——中国水泥行业摇篮，成立于1907年的华新水泥历经时代变迁，乘着出海浪潮踏上国际舞台，依然保持强劲生命力，秘诀何在？ 面对云计算、大数据、AI 等新兴技术崛起的时代机遇，这家百年制造企业积极拥抱技术创新，将传统制造与数字技术融合，打造华新"制胜法宝"。在华为 云等合作伙伴的助力下，沿着"一带一路"在全球发展的道路上稳步向前，稳居水泥行业第一梯队。 华为云每年助力节约 30% 运维成本 6月3日，随着汽笛长鸣，一艘名为"NOVA FORTUNA"的国际货轮从中国张家港华达码头正式启航。这是华新水泥股份有限公司（以下简称"华新水泥"）首 艘自有货轮的首航，即将奔赴其位于莫桑比克的工厂，这家"百年老店"在国际化征途上开启了新篇章。 回望华新水泥百余年发展历程，其不仅见证了中国水泥工业的发展，也是丹江口大坝、长江三峡大坝、武汉长江大桥等国内重大工程的参与者。凭借高品质 的产品和服务，这家老牌企业赢得了行业内外的良好声誉。 2012年，在持续巩固国内市场的同时，华新水泥将 ...

证券代码：600801 证券简称：华新水泥 公告编号：2025-016 二、离任对公司的影响 根据《公司法》及《公司章程》的有关规定，罗志光先生辞去公司董事职务不会导致公 司董事会人数低于法定最低人数，不会影响公司董事会的正常运行，其辞职报告在到达董事 会后即时生效。罗志光先生不存在未履行完毕的公开承诺。罗志光先生担任公司董事、董事 会审计委员会委员、董事会薪酬与考核委员会委员及董事会治理与合规委员会主席期间恪尽 职守、勤勉尽责，公司及董事会对罗志光先生任职期间所做工作表示衷心感谢！ 特此公告。 华新水泥股份有限公司董事会 2025 年 6 月 6 日 华新水泥股份有限公司 关于公司董事辞职的公告 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。 重要内容提示： 华新水泥股份有限公司（以下简称"公司"）董事会于近日收到公司董事罗志光先生的 辞职报告，因其退休，罗志光先生申请辞去公司董事、董事会审计委员会委员、董事会薪酬 与考核委员会委员及董事会治理与合规委员会主席职务。辞职后，罗志光先生将不在公司及 子公司担任任何职务。 ...

证券代码：600801 证券简称：华新水泥 公告编号：2025-015 华新水泥股份有限公司 2023-2025 年核心员工持股计划之 第三期（2025 年）核心员工持股计划实施进展公告 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"）分别于 2023 年 6 月 30 日、2023 年 7 月 20 日召开第十届董事会第二十六次会议、2023 年第三次临时股东大会审 议通过了《关于公司 2023-2025 年核心员工持股计划（草案）的议案》及其摘 要等相关议案，具体内容详见公司于 2023 年 7 月 1 日、2023 年 7 月 21 日披露 的相关公告。 公司于 2025 年 5 月 27 日召开第十一届董事会第十二次会议，审议通过了《关 于公司 2023-2025 年核心员工持股计划之第三期（2025 年）核心员工持股计划 的议案》（以下简称"本期计划"），具体内容详见公司于 2025 年 5 月 28 日披 露的相关公告。 根据中国证监会《关于上市公司实施员工持股计划试点 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1] Core Viewpoints - The construction materials sector is experiencing fluctuations at the bottom of the PMI index, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report emphasizes the potential for recovery in the home decoration materials segment, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The construction materials sector has shown a slight increase of 0.18% in the past week, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -1.08% and -0.02% respectively [4] - The report highlights that the cement market price is currently at 367.8 RMB/ton, down by 3.0 RMB/ton from the previous week and down by 6.3 RMB/ton compared to the same period last year [20][21] 2. Cement Market - The average cement inventory ratio is reported at 65.7%, an increase of 0.4 percentage points from the previous week, but down by 2.5 percentage points year-on-year [25] - The average daily cement shipment rate is 47.8%, up by 1.4 percentage points from the previous week but down by 5.3 percentage points compared to last year [25] - The report notes that the cement price is expected to stabilize or slightly rebound in the coming months due to supply-side adjustments and demand recovery [12][19] 3. Glass Fiber Market - The report indicates that the profitability of the glass fiber sector remains low, with many second and third-tier companies operating at breakeven or loss [13] - The demand for high-end products in wind power and thermoplastics is expected to continue growing, which may support profitability for leading companies [13] - The report recommends companies like China Jushi and suggests monitoring others such as Zhongcai Technology and Shandong Fiberglass [13] 4. Glass Market - The glass sector is facing weak terminal demand, with inventory levels remaining high and price pressures expected to increase as the market enters a seasonal downturn [14][15] - The report recommends Qibin Group as a leading player in the glass market, with a focus on its cost advantages and growth potential in photovoltaic glass [14] 5. Home Decoration Materials - The report highlights the positive impact of government policies aimed at boosting domestic demand and stabilizing the real estate market, which is expected to enhance the demand for home decoration materials [16] - Companies such as Beixin Building Materials and Arrow Home are recommended for their strong growth potential and market positioning [16]