Investment Rating - The report maintains a "Buy" rating for Huaxin Cement, with a target price not specified [7]. Core Views - Huaxin Cement has expanded its overseas production capacity significantly, with a total overseas clinker capacity of 15.44 million tons per year and cement grinding capacity of 22.54 million tons per year as of Q3 2024. The overseas clinker sales volume increased by 41% year-on-year to 12.05 million tons, contributing to a net profit of 8.47 billion yuan, which is a 32% increase year-on-year [1][2][38]. - The company is expected to achieve a total net profit of 1.8 billion yuan for the year, with projections for net profits of 1.83 billion, 2.88 billion, and 3.15 billion yuan for 2024-2026, respectively [1][38]. Summary by Sections Overseas Business Expansion - Huaxin Cement has established a presence in 16 countries, with a focus on regions such as Central Asia, Southeast Asia, the Middle East, and Africa. The company ranks third in overseas production capacity among Chinese cement companies, with an annual capacity of 14.86 million tons [2][12]. - The share of overseas revenue has increased from 14% in 2022 to 22% in the first half of 2024, with overseas revenue reaching 3.7 billion yuan, a year-on-year increase of 55.5% [2][15]. Profitability and Financial Performance - The overseas EBITDA for 2023 was approximately 1.934 billion yuan, a 38% increase year-on-year, accounting for 24% of total EBITDA. By the first half of 2024, the overseas EBITDA rose to approximately 912 million yuan, representing 28% of total EBITDA [2][15]. - The report indicates that the overseas EBITDA margin is consistently higher than the domestic margin by about 10 percentage points, with margins of 24.7% for overseas and 18.5% for domestic operations as of the first half of 2024 [2][15]. Future Growth Potential - The company has plans for further expansion in Africa, where urbanization rates and per capita cement consumption are still low compared to historical levels in China. This indicates significant growth potential for cement demand in the region [4][30]. - Recent acquisitions, including a 3000T/D clinker production line in Mozambique and a significant investment in Nigeria, are expected to contribute additional profits, estimated between 700 million to 1 billion yuan from new assets [3][25][30]. Financial Projections - The report forecasts a net profit of 1.83 billion yuan for 2024, with expectations of continued growth in subsequent years. The current valuation stands at 12x PE, with a dividend yield of approximately 4.4% [1][38]. - The projected revenues for 2024-2026 are 34.78 billion, 40.24 billion, and 42.42 billion yuan, respectively, with corresponding growth rates of 3.03%, 15.69%, and 5.42% [5][38].

证券代码：600801 证券简称：华新水泥 公告编号：2025-001 华新水泥股份有限公司 关于 "一带一路"科技创新公司债券（高成长产业债） （第一期）发行结果的公告 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。 华新水泥股份有限公司（以下简称"公司"或"本公司"）2023年第二次临时股东大 会已于2023年2月17日审议通过了《关于公开发行公司债券的议案》。债券发行规模不超过 人民币30亿元（含30亿元），期限为不超过5年，可以为单一期限品种，也可以是多种期限 混合品种。 4、票面利率：2.14% 5、付息方式：本期债券采用单利计息，付息频率为按年付息 6、募集资金用途："一带一路"沿线目标公司投资及补充流动资金 7、发行人主体评级：AAA（中诚信） 8、债项评级：AAA（中诚信） 本次债券发行有利于进一步拓宽公司融资渠道，优化融资结构，满足公司业务发展的 资金需求。 特此公告。 本公司已于近日完成了华新水泥股份有限公司2025年面向专业投资者 "一带一路"科 技创新公司债券（高成长产业债）（第一期）（"本期债券 ...

Summary of Conference Call Company Overview - The company, Huaxin Cement, was founded in 1907 and is one of the earliest water conservancy enterprises in China. It has survived nearly a century of changes and revitalized its operations. [1] - Huaxin Cement has developed its business over the past 30 years, covering 17 provinces in China and 16 countries overseas. The company has a cement production capacity of 127 million tons, aggregate capacity of 280 million tons, and a concrete production capacity of 52,000 cubic meters per hour. [1] Financial Performance - In 2024, the overall industry is expected to face losses for the first time since 2010. However, Huaxin Cement's revenue increased by 2.3% year-on-year as of September 2024, despite a 9% decline in operating profit. [2] - The company's revenue decline is less severe than the industry average, attributed to rapid domestic business growth and successful overseas acquisitions. [2] - As of September 2024, overseas revenue accounts for 24% of total revenue, with non-water conservancy products making up 45%. [3] Market Dynamics - Cement prices in 2024 started low and continued to decline until a recovery began in October. The eastern regions, particularly around Wuhan, have the lowest prices, but they are showing signs of recovery. [5] - The overall cement production and sales volume in China are declining, with a similar trend observed in the aggregate and concrete sectors. [6] Overseas Operations - The company has 25 factories overseas, with 17 being water conservancy plants. The overseas production capacity reached 22.54 million tons as of September 2024. [3] - In Nigeria, the company is acquiring water conservancy assets, which have seen a significant depreciation due to currency devaluation. Despite this, the profitability of these assets remains strong. [8][9] Industry Challenges and Opportunities - The cement industry is closely tied to real estate and infrastructure investments in China. Demand is expected to remain under pressure, with a potential decline in 2025. [15] - The industry faces intense price competition, but cement remains a cost-effective building material with no immediate substitutes. [16] - Government policies aimed at controlling production capacity are expected to positively impact the industry. [17][18] Financial Management and Capital Expenditure - The company has a stable approach to managing accounts receivable, with 92% of receivables being within 1.7 years. [21] - Capital expenditures are primarily focused on overseas projects, with domestic spending limited to maintenance and low-emission initiatives. [31] - The company maintains a dividend policy of distributing at least one-third of annual profits, balancing shareholder returns with growth needs. [32] Conclusion - The company is navigating a challenging market environment with strategic overseas expansions and a focus on maintaining profitability amidst declining domestic demand. The outlook for 2025 remains cautious, with potential for recovery dependent on market conditions and government policies. [15][19]

华新水泥股份有限公司 关于子公司出售资产公告 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： 一、交易概述 （一）本次交易的基本情况 因政府征收，2024 年 12 月 25 日，本公司之控股全资子公司东骏水泥、国资昆 明与云南省昆明市官渡区人民政府长水街道办事处签署《云南华新东骏水泥有限公 司国有土地使用权收回及地上建（构）筑物、附着物、机械设备征收补偿协议书》， 同意东骏水泥将其名下之土地使用权及地上建（构）筑物、附着物、机械设备等非 流动资产转让给云南省昆明市官渡区人民政府长水街道办事处。 2024 年 12 月 20 日，公司第十一届董事会第八次会议审议并通过了《关于处置 公司部分非流动资产的议案》，同意本次出售资产事项并授权本公司管理层签署相 关征收补偿协议等法律文件。本次出售资产事项事宜无需提交股东会审议。 证券代码：600801 证券简称：华新水泥 公告编号：2024-033 本次出售资产事项不构成关联交易，也不构成《上市公司重大资产重组管理办 法》规定的重大资产重组，交易实施不存在重大法律 ...

证券代码：600801 证券简称：华新水泥 公告编号：2024-032 华新水泥股份有限公司 2023-2025年核心员工持股计划之第二期（2024年）核心员 工持股计划第一次持有人会议决议公告 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。 一、持有人会议召开情况 华新水泥股份有限公司（以下简称"公司"）2023-2025年核心员工持股计 划之第二期（2024年）核心员工持股计划第一次持有人会议于2024年12月24日以 通讯方式召开。出席本次会议的持有人共739人，代表员工持股计划份额3859.26 万份，占公司2023-2025年核心员工持股计划之第二期（2024年）核心员工持股 计划（以下简称"持股计划"）总份额3918.03万份的98.5%。 本次会议由公司副总裁兼董事会秘书叶家兴先生主持。本次会议的召集、召 开和表决程序符合本持股计划及《华新水泥股份有限公司2023-2025年核心员工 持股计划管理办法》的有关规定。 二、持有人会议审议情况 同日，本持股计划管理委员会召开第一次会议，全体委员一致选举叶家兴为 ...

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、准确性和完整性依法承担法律责任。 重要内容提示： 一、交易情况概述 （一）外汇套期保值业务的目的与必要性 随着公司国际化战略的深入实施，海外业务的持续拓展，2024年上半年公司 海外业务收入已达约人民币35.87亿元，海外业务涉及16个国家，相应货币套期 保值需求不断增加。公司基于外汇资产、负债状况及外汇收支业务具体情况，开 展与日常经营需求紧密相关的外汇衍生品套期保值交易业务，有利于控制公司外 证券代码：600801 证券简称：华新水泥 公告编号：2024-031 华新水泥股份有限公司 关于 2025 年度开展外汇衍生品套期保值交易业务的 公告 1 交易目的：公司为规避外汇市场价格波动风险，以套期保值为目的开展外汇 衍生品交易业务。 交易品种：外汇远期、掉期、期权或其组合产品。 交易金额：公司拟开展的外汇衍生品套期保值交易金额上限为 8 亿美元（或 等值货币），交易占用保证金或银行授信额度上限为 8,000 万美元（或等值 货币）。 已履行的审议程序：该事项已经公司于 2024 年 12 月 20 日召开的 ...

证券代码：600801 证券简称：华新水泥 公告编号：2024-030 公司将在相关征收补偿协议签署之后，对本次资产处置事宜进一步进行披露。 2、关于公司2025年度开展外汇衍生品套期保值业务的议案（表决结果：同意9票，反对 0票，弃权0票） 华新水泥股份有限公司 第十一届董事会第八次会议决议公告 详情请参见同日披露的2024-031公告《关于2025年度开展外汇衍生品套期保值交易业务 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。 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"）第十一届董事会第八次会议（临时会议） 于 2024 年 12 月 20 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 2024 年 12 月 13 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、关于处置公司部分非流动资 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has acquired 100% equity of EMBUS.A.ENGENHARIAECOMÉRCIO in Brazil for approximately USD 186.6 million, marking its entry into the South American market [1] - The acquisition is a strategic move to expand the company's overseas operations and mitigate the impact of declining domestic demand in the building materials market [4][6] - The target company has an annual aggregate production capacity of 8.8 million tons and reported a net profit of approximately USD 17.13 million in 2023 [1][6] Summary by Sections Acquisition Details - The acquisition involves the purchase of two companies: 100% of Company A and 40% of Company B, with a total consideration of USD 186.6 million, subject to adjustments based on cash and working capital at closing [1] - The target company B operates four aggregate plants in São Paulo, Brazil, with a strategic location and rich resource reserves [1][6] Financial Performance - The target company reported net assets of USD 6.943 million as of December 31, 2023, with a historical profit trend showing increasing contributions to the parent company's net profit [1] - The projected net profit for the company is expected to decline in 2024 due to reduced demand in the real estate sector, with estimates of CNY 2.009 billion for 2024 [7] Market Position - The company has established a significant overseas presence, with operations in 12 countries and an overseas revenue share of 23%, which is leading among domestic cement companies [5][7] - The entry into the Brazilian market is seen as a milestone for the company, leveraging its experience in integrating acquired businesses to enhance performance and investment returns [6][7]

Investment Rating - Maintains an "Overweight" rating for Huaxin Cement (600801) [1] Core Views - Huaxin Cement has signed a share acquisition agreement to acquire 100% of Company A (which holds 60% of Company B) and 40% of Company B for a total consideration of $186.6 million, making the target companies wholly-owned subsidiaries upon completion [2] - This marks the company's first entry into the South American market, expanding its overseas aggregate business [3] - The target companies operate 4 aggregate plants in Brazil with a total capacity of 8.8 million tons/year (actual production of 6.2 million tons in 2023), located in the metropolitan area of São Paulo, Brazil's economic and population center [3] - Brazil's construction industry is benefiting from government infrastructure investment and real estate market recovery, with cement sales growing 4.6% YoY in Jan-Oct 2024 [3] - The target companies demonstrated strong profitability, with Company B reporting net profits of $17.13 million in 2023 and $12.82 million in Jan-Sep 2024, implying a 11x P/E multiple based on 2023 earnings [3] - The company's overseas expansion continues with recent acquisitions in Nigeria and Brazil, adding 10.6 million tons/year of cement grinding capacity and 8.8 million tons/year of aggregate capacity [4] - By mid-2024, the company will operate 10 overseas aggregate plants (up from 6) with total overseas cement grinding capacity exceeding 33 million tons/year [4] Financial Projections - Revenue is projected to grow from RMB 33.76 billion in 2023 to RMB 42.96 billion in 2026, with YoY growth rates of 1.1%, 16.3%, and 8.2% in 2024-2026 respectively [1] - Net profit attributable to shareholders is forecasted to decline 36.7% YoY to RMB 1.75 billion in 2024, then recover to RMB 2.35 billion (+34.1% YoY) in 2025 and RMB 2.75 billion (+17.2% YoY) in 2026 [1] - EPS is expected to be RMB 0.84 in 2024, RMB 1.13 in 2025, and RMB 1.32 in 2026 [1] - P/E ratios are projected at 14.7x, 11.0x, and 9.4x for 2024-2026 respectively [1] Market Data - Current share price: RMB 12.35 [8] - 52-week range: RMB 9.91-16.09 [8] - Market cap: RMB 25.68 billion [8] - P/B ratio: 0.89x [8] Financial Position - Total assets: RMB 68.80 billion in 2023, projected to grow to RMB 80.50 billion by 2026 [12] - Debt-to-asset ratio: 51.52% [9] - ROE: 9.55% in 2023, expected to decline to 5.82% in 2024 before recovering to 8.29% by 2026 [12]

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依賴該等內 容而引致的任何損失承擔任何責任。 華新水泥股份有限公司 HUAXINCEMENTCO.,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） 須予披露交易 收購標的公司股權 收購事項 董事會欣然宣佈，於 2024 年 12 月 16 日，買方（本公司全資子公司）與賣方（獨立第 三方）簽署股權收購協議。據此，買方有條件同意收購，而賣方有條件出售標的公司 A 100%股權及標的公司 B 40%股權，總代價約为 1.866 億美元（並根據交割日財務報表淨 現金和運營資金進行調整）。於本公告日期，標的公司 A 持有標的公司 B 60%股權。 待收購事項完成後，標的公司將成為本公司全資子公司，標的公司的財務業績將併入本 公司的財務帳目內。 上市規則涵義 由於收購事項之一項或多項適用百分比率（定義見上市規則第 14.07 條）高於 5%但低 於 25%，故收購事項構成本公司的一項須予披露交易，因而須遵守上市規則第 14 章 ...