Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company significantly reduced its losses in the first half of 2025, with a core market strategy further strengthened [1] - The company achieved a total operating revenue of 11.761 billion yuan in the first half of 2025, a year-on-year increase of 4.8%, and a net profit attributable to shareholders of -154 million yuan, a year-on-year reduction in losses of 80.9% [1] - The company’s Q2 single-quarter revenue was 7.858 billion yuan, a year-on-year decrease of 0.3%, with a net profit of 719 million yuan, a year-on-year increase of 153.3% [1] Summary by Sections Financial Performance - The company’s cement and clinker sales volume in the first half was 37.38 million tons, a year-on-year decrease of 2%, with a significant narrowing of the decline compared to 2024 [1] - The average price per ton and gross profit per ton were 246 yuan and 51 yuan, respectively, with increases of 4 yuan and 26 yuan year-on-year, mainly due to strengthened industry supply discipline and optimized peak-shifting effects [1] - The gross profit margin for Q2 was 26.4%, an increase of 5.8 percentage points year-on-year, reflecting good price maintenance in core markets [1] Cost Control and Cash Flow - The company maintained good cost control, with a net cash flow from operating activities of 1.287 billion yuan, a year-on-year increase of 55% [1] - The company’s asset-liability ratio was 50.96% as of the end of Q2, with a slight increase of 0.70 percentage points year-on-year [1] Strategic Layout - The company has optimized its strategic layout, further consolidating its strength in the Northeast market through acquisitions [1] - The company completed the acquisition of Liaoning Hengwei Cement and its affiliates, enhancing its influence in the Northeast market [1] - The company’s long-term strategy includes cost reduction and efficiency enhancement, market integration, and overseas capacity layout [1] Earnings Forecast - The company’s net profit forecast for 2025-2026 has been adjusted to 270 million yuan and 590 million yuan, respectively, with a new forecast for 2027 set at 880 million yuan [1]

Core Viewpoint - The report discusses the recent changes in the governance structure of Tangshan Jidong Cement Co., Ltd, including the cancellation of the supervisory board and changes in board members, which may impact the rights of bondholders [1][4][5]. Group 1: Bond Issuance Details - The company issued bonds aimed at professional investors, with a total approved scale of 2 billion [2]. - The bonds have a fixed interest rate and will pay interest annually, with the principal repaid at maturity [3]. - The bonds are managed by Zheshang Securities, which is responsible for representing the interests of all bondholders [2][3]. Group 2: Governance Changes - The company has decided to abolish the supervisory board, transferring its powers to the audit and risk committee of the board of directors [4]. - Two directors, Wang Xiangdong and Zhu Yan, have resigned due to work adjustments, with their resignations effective immediately upon submission of their written reports [5][6]. - A new employee director, Jiang Yusheng, has been elected to the board, with her term aligning with the current board's term [6].

Group 1 - The report discusses the issuance of corporate bonds by Tangshan Jidong Cement Co., Ltd., specifically the 2024 public offering for professional investors [1] - The first phase of the bond issuance includes a buyback option for investors, with interest payment dates set for April 22 from 2025 to 2027, and the redemption date on April 22, 2027 [2] - The second phase of the bond issuance also includes a buyback option, with interest payment dates on September 20 from 2025 to 2027, and the redemption date on September 20, 2027 [2] Group 2 - The report highlights significant corporate governance changes, including the cancellation of the supervisory board, with its powers transferred to the audit and risk committee of the board [4] - The resignation of board members Wang Xiangdong and Zhu Yan is noted, with both confirming no disagreements with the company [5] - The election of Jiang Yusheng as an employee director is mentioned, with her term aligning with the current board's term [6]

Group 1 - The company conducted a specific investor survey on September 1, 2025, discussing key issues such as the 2025 semi-annual performance and cement price dynamics with ten institutions including CICC and Guotai Junan [1] - In the first half of 2025, the company achieved an operating income of 11.76 billion yuan, a year-on-year increase of 4.8%, with cement and clinker revenue at 9.18 billion yuan, aggregates at 750 million yuan, and hazardous waste disposal at 360 million yuan [1] - The company's net profit attributable to shareholders was -150 million yuan, but it reduced losses by approximately 650 million yuan, achieving a loss reduction rate of 80.9% [1] Group 2 - The company is steadily advancing capacity replacement and addressing overproduction, with local provincial announcements completed for several plants [2] - Following a price decline due to high temperatures and rainy seasons in July and early August, the company expects a nationwide price increase for cement starting in September, particularly in key regions [2]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 11.76 billion CNY, an increase of 4.8% year-on-year [2] - The net profit attributable to shareholders was -150 million CNY, a reduction in loss of approximately 650 million CNY, representing a loss reduction rate of 80.9% [2] - The comprehensive sales volume of cement and clinker was 37.38 million tons, a year-on-year decrease of about 2.1% [2] Group 2: Price Trends and Market Outlook - Since late August, the company has seen price increases in the regions it covers, with plans for continued price hikes in September [2] - The cement prices in core market areas are expected to show a nationwide increase starting in September, following a decline due to high temperatures and rainy seasons in July and early August [3] Group 3: Production Capacity and Compliance - The company is steadily advancing its capacity replacement and compliance with production limits, with several projects completed as per local government announcements [2] - Future production line replacements will strictly follow national policies and the company's capacity optimization plans [2] Group 4: Waste Disposal Business - In the first half of 2025, the company generated revenue of 365 million CNY from hazardous waste disposal, with a gross margin of approximately 28% [3] - The waste collection volume increased by 55% year-on-year, and the waste disposal volume rose by 38% [3]

债券代码：149505 债券简称：21 冀东 01 债券代码：149636 债券简称：21 冀东 02 债券受托管理人 （住所：浙江省杭州市五星路 201 号） 关于 唐山冀东水泥股份有限公司公开发行公司债 2025 年第二次临时受托管理事务报告 （关于取消监事会及董事发生变动的事项） 浙商证券股份有限公司 二〇二五年九月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、 《公司债券受托管理人执业行为准则》（以下简称《执业行为准则》）、《唐山 冀东水泥股份有限公司 2020 年面向专业投资者公开发行公司债券之受托管理协 议》（以下简称"《受托管理协议》"）等相关规定及其它相关信息披露文件、 唐山冀东水泥股份有限公司（以下简称"冀东水泥"，"发行人"或"公司"） 出具的相关说明文件以及提供的相关资料等，由本期公司债券受托管理人浙商证 券股份有限公司（以下简称"浙商证券"）编制。浙商证券编制本报告的内容及 信息均来源于唐山冀东水泥股份有限公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为浙商证 ...

债券简称：24冀东01 债券代码：148703.SZ 股票简称：冀东水泥 股票代码：000401.SZ 债券简称：24冀东02 债券代码：148918.SZ 债券简称：25冀东01 债券代码：524120.SZ 第一创业证券承销保荐有限责任公司 关于唐山冀东水泥股份有限公司公开发行 公司债券临时受托管理事务报告 （关于取消监事会及董事发生变动的事项） 受托管理人 北京市西城区武定侯街6号卓著中心10层 2025年9月 3、发行规模：人民币 10 亿元。 4、起息日： 2024 年 4 月 22 日。 重要声明 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业行为 准则》和《唐山冀东水泥股份有限公司 2023 年面向专业投资者公开发行公司债券债券 受托管理协议》等相关规定、重大事项相关公开信息等， 由本次公司债券的受托管理 人第一创业证券承销保荐有限责任公司 （以下简称"一创投行"、"受托管理人"） 编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜 做出独立判断，而不应将本报告中的任何内容据以作为一创投行所做承诺或声明。请 投资者独立征询专业机构意见，在任何情况下 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]

Group 1: Economic Transition - The Chinese economy is shifting from a resource-driven growth model to an innovation-driven one, reflecting a structural change in the economy [1] - The integration of new and traditional economies is forming a more robust growth structure [1] Group 2: AI Industry Performance - The AI sector has become a strong market driver, with significant performance growth rooted in actual earnings rather than mere expectations [2] - The computer, electronics, and communication industries reported substantial net profit increases, with respective growth rates of 40.54%, 27.57%, and 7.81% [2] - AI chip leader Cambricon Technologies saw a revenue surge of 4347.82% year-on-year, reaching 2.881 billion yuan, and turned a profit of 1.038 billion yuan after a loss in the previous year [2] Group 3: Traditional Industry Recovery - The "anti-involution" policy has revitalized traditional industries, leading to profit recovery across various sectors [4] - The steel and agriculture sectors reported net profits of 13.137 billion yuan and 27.411 billion yuan, with year-on-year growth rates of 157.17% and 166.72% respectively [4] - Shandong Steel achieved a revenue of 36.806 billion yuan, a year-on-year increase of 118.60%, and turned a profit of 12.5258 million yuan [4] Group 4: Market Signals and Future Outlook - Companies are providing positive signals for future performance, with medical device company Mindray Medical projecting revenue growth in Q3 2025 [7] - Mindray anticipates overall revenue growth and improved performance in both domestic and international markets [7] - Lixun Precision is expected to report a net profit of 10.89 billion to 11.344 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 20% to 25% [8]

Core Viewpoint - The report highlights the financial performance and operational strategies of Tangshan Jidong Cement Co., Ltd. for the first half of 2025, indicating a recovery in profitability despite ongoing challenges in the cement industry. Financial Performance - The company's revenue for the reporting period reached approximately 11.76 billion yuan, representing a 4.82% increase compared to the same period last year [5][14]. - The net loss attributable to shareholders decreased significantly to approximately 153.62 million yuan, an improvement of 80.94% year-on-year [5][14]. - The gross profit margin improved, with the overall gross margin reaching 20.42%, up by 6.67 percentage points from the previous year [8]. Operational Overview - The company operates with a clinker production capacity of 110 million tons and a cement production capacity of 184 million tons, making it the third-largest cement manufacturer in China [6][8]. - The company has implemented various cost-reduction measures, resulting in a 9.72% decrease in unit sales costs for cement clinker [8][12]. - The company has expanded its product offerings to include special cements and customized products, which have significantly increased their revenue share [13]. Industry Context - The cement industry faced challenges in the first half of 2025, with national cement production declining by 4.3% year-on-year due to reduced demand from the real estate sector and infrastructure investments [6][12]. - Despite the downturn, the industry saw a recovery in profitability, primarily driven by lower coal prices and a temporary increase in cement prices during the first quarter [6][12]. Strategic Initiatives - The company is focusing on enhancing operational efficiency and market positioning through a three-tier operational management model, which includes headquarters, regional, and enterprise levels [7][10]. - The company is actively pursuing digital transformation initiatives, achieving recognition as a leading enterprise in digital supply chain maturity [10][11]. - The company plans to continue expanding its market presence and product offerings, particularly in high-value segments such as special cements and new materials [12][13].