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].

Core Viewpoint - The financial performance of Jidong Cement (000401) shows improvement in profitability, with a notable increase in net profit and gross margin despite a slight decline in quarterly revenue [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 11.761 billion yuan, a year-on-year increase of 4.82% [1] - The net profit attributable to shareholders was -154 million yuan, reflecting an 80.94% improvement compared to the previous year [1] - In Q2 2025, total revenue was 7.858 billion yuan, a slight decrease of 0.27% year-on-year, while net profit for the quarter was 719 million yuan, up 153.34% year-on-year [1] - Gross margin increased to 20.42%, a year-on-year rise of 48.47%, while net margin improved to -1.53%, up 80.81% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 2.253 billion yuan, accounting for 19.16% of revenue, a decrease of 4.64% year-on-year [1] - Earnings per share improved to -0.06 yuan, an increase of 80.42% year-on-year, while operating cash flow per share rose to 0.48 yuan, up 54.59% year-on-year [1] Business Model and Cash Flow - The company's performance is primarily driven by marketing efforts, necessitating a thorough examination of the underlying factors [2] - The cash flow situation is a point of concern, with cash and cash equivalents to current liabilities ratio at 47.93% [2] - The debt situation is also critical, with interest-bearing debt ratio reaching 34.31% [2] Fund Holdings - The largest fund holding Jidong Cement is the Ping An Balanced Preferred 1-Year Holding Mixed A, with 1.7 million shares and a recent net value of 0.5897 [3] - Other funds increasing their holdings include Ping An Valuation Selected Mixed A and Hongde Quality Governance Flexible Allocation Mixed [3]

Group 1 - The core viewpoint of the article is that Jidong Cement (000401) reported its 2025 semi-annual performance, showing a total operating revenue of approximately 11.761 billion yuan, which represents a year-on-year growth of 4.82% [1] - The net loss attributable to the parent company's owners was approximately 154 million yuan, which narrowed by 80.94% year-on-year [1] - The basic loss per share was 0.0594 yuan [1]

北 京 金 隅 集 團 股 份 有 限 公 司 BBMG Corporation* （於中華人民共和國註冊成立的股份有限公司） （股份代號：2009） 海外監管公告 關於披露冀東水泥 2025 年半年度報告的提示性公告 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 生或因倚賴該等內容而引致的任何損失承擔任何責任。 承董事會命 北京金隅集團股份有限公司 主席 姜英武 中國北京，二零二五年八月二十八日 於本公告日期，本公司執行董事為姜英武、顧昱及鄭寶金；非執行董事為顧鐵民及郝利 煒；以及獨立非執行董事為劉太剛、洪永淼及譚建方。 * 僅供識別 - 1 - 附件： 本公告乃由北京金隅集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第 13.10B 條而作出。 本公司控股子公司唐山冀東水泥股份有限公司於二零二五年八月二十八日在《中國證券 報》和《證券時報》以及巨潮資訊網(www.cninfo.com.cn )公佈《冀東水泥 2025 年半年度報 告》。 《 冀 東 水 泥 2025 年 ...

Market Overview - The cement sector experienced a decline of 0.25% on August 28, with Sifang New Materials leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Notable gainers in the cement sector included: - Ningxia Building Materials: closed at 14.17, up 1.87% with a trading volume of 174,800 shares and a turnover of 245 million yuan [1] - Sichuan Jinding: closed at 10.24, up 0.89% with a trading volume of 300,100 shares and a turnover of 300 million yuan [1] - Huaxin Cement: closed at 15.80, up 0.45% with a trading volume of 205,900 shares and a turnover of 323 million yuan [1] - Conversely, Sifang New Materials led the decline, closing at 13.60, down 2.30% with a trading volume of 64,800 shares and a turnover of approximately 87.58 million yuan [2] Capital Flow Analysis - The cement sector saw a net outflow of 570 million yuan from institutional investors, while retail investors contributed a net inflow of 597 million yuan [2] - The capital flow for individual stocks showed mixed results, with some stocks experiencing significant outflows from institutional investors [3] - For instance, Ningxia Building Materials had a net inflow of 9.04 million yuan from institutional investors, while Sifang New Materials saw a net outflow of 2.30% [3]

Core Viewpoint - Jidong Cement reported a revenue of 11.761 billion yuan for the first half of 2025, showing a year-on-year increase of 4.82%, while the net profit attributable to shareholders improved significantly, reducing losses to 154 million yuan from 806 million yuan in the same period last year [1] Group 1: Financial Performance - The company achieved a net profit margin improvement, with a non-recurring net profit loss of 258 million yuan, a reduction of 71.88% year-on-year [1] - The average selling price increased by 1.83%, contributing to a comprehensive gross margin of 20.42%, which is an increase of 6.67 percentage points year-on-year [1] - The gross margin for cement was 20.42%, up 9.28 percentage points year-on-year, while the gross margin for clinker was 22.77%, an increase of 19.71 percentage points [1] Group 2: Operational Highlights - Jidong Cement has a clinker production capacity of 11 million tons and a cement production capacity of 18.4 million tons, ranking third among domestic cement manufacturers [2] - The company expanded its aggregate production capacity by 6.5 million tons and concrete production capacity by 1.8 million cubic meters during the reporting period [2] - The company reduced sales costs for cement and clinker by 9.72% and raw material procurement costs by 20.44% year-on-year [2] Group 3: Technological and Green Initiatives - The company holds 223 invention patents and 2,050 utility model patents, with 46 subsidiaries recognized as national high-tech enterprises [2] - Jidong Cement has achieved a 57.56% energy efficiency benchmark level for its clinker production capacity [2] - The company has been recognized with 37 national-level "green factories" and 24 national-level green mines [2] Group 4: Digital Transformation - The company has been certified as one of the first national digital supply chain maturity standard enterprises, achieving the highest level L3 "Integrated Interconnection Level" certification [3] - Jidong Cement has five national-level smart factories and two national 5G factories, with 11 scenarios recognized as excellent cases in national smart manufacturing [3] Group 5: Future Outlook - The company anticipates improvements in industry structure and market order in the long term, focusing on problem-oriented and results-oriented strategies to enhance profitability [3]