Core Viewpoint - Ji Dong Cement reported a significant improvement in its financial performance, with a net profit of 7.19 billion yuan in Q2, marking a year-on-year increase of 153.3% and a reduction in net loss for the first half of the year by 80.9% to -1.54 billion yuan [1] Financial Performance - The company achieved a net profit of 7.19 billion yuan in Q2, reflecting a year-on-year growth of 153.3% [1] - For the first half of the year, Ji Dong Cement's net profit was -1.54 billion yuan, which represents an 80.9% reduction in losses compared to the previous year [1] Market Strategy - The company is focusing on stabilizing and improving prices in its core markets, which has led to significant profit recovery in Q2 [1] - Ji Dong Cement is enhancing cost reduction and efficiency internally while promoting industry ecosystem optimization externally [1] - The company is pursuing strategic integration in key markets, increasing mineral reserves, and expanding its "Cement+" industry layout, along with overseas capacity expansion [1] Industry Outlook - The company anticipates continued improvement in its performance due to ongoing industry self-discipline, despite facing pressure on overall industry demand [1] - The profit forecasts for 2025 and 2026 have been revised down to 2.7 billion yuan and 5.9 billion yuan, respectively, from previous estimates of 3.6 billion yuan and 6.9 billion yuan [1] - A new profit forecast for 2027 has been introduced at 8.8 billion yuan [1] Incentive Mechanism - Ji Dong Cement has implemented a restricted stock incentive plan to strengthen its long-term incentive mechanism [1]

Core Viewpoint - Jidong Cement reported a significant improvement in its financial performance, with a net profit of 7.19 billion yuan in Q2, marking a year-on-year increase of 153.3%, while the overall net profit for the first half was a loss of 1.54 billion yuan, reducing losses by 80.9% [1] Financial Performance - The company achieved a net profit of 7.19 billion yuan in Q2, reflecting a year-on-year growth of 153.3% [1] - For the first half of the year, the net profit attributable to shareholders was a loss of 1.54 billion yuan, which represents an 80.9% reduction in losses compared to the previous year [1] Market Strategy - Jidong Cement is focusing on cost reduction and efficiency improvement internally, while externally promoting industry ecosystem optimization [1] - The company is implementing strategic integration in key markets, increasing mineral reserves, and expanding its "Cement+" industry layout, along with overseas capacity expansion [1] Industry Outlook - The company anticipates continued improvement in performance due to the ongoing industry self-discipline, despite facing pressure on industry demand [1] - The profit forecasts for 2025 and 2026 have been revised down to 2.7 billion yuan and 5.9 billion yuan, respectively, from previous estimates of 3.6 billion yuan and 6.9 billion yuan [1] - A new profit forecast for 2027 has been introduced at 8.8 billion yuan [1] Incentive Mechanism - Jidong Cement has implemented a restricted stock incentive plan to enhance its long-term incentive mechanism [1]

Group 1 - The core viewpoint is that the cement prices have declined due to high temperatures and rainy seasons in July and early August, but a recovery in prices is expected starting mid-August as various regions begin to push for price increases [1] - Regions such as the Yangtze River Basin, Northeast, Central and Southern Hebei, Henan, and Shandong are leading the price recovery efforts [1] - A nationwide increase in cement prices is anticipated to begin in September [1]

Core Insights - The company reported a hazardous waste disposal revenue of 365 million yuan in the first half of 2025, with a gross profit margin of approximately 28% [1] - The waste collection volume increased by 55% compared to the same period last year [1] - The waste disposal volume rose by 38% year-on-year [1]

Group 1 - The company achieved hazardous waste disposal revenue of 365 million yuan in the first half of 2025, with a gross profit margin of approximately 28% [1] - The amount of waste collected increased by 55% compared to the same period last year [1] - The volume of waste disposed of rose by 38% year-on-year [1]

Group 1 - The core viewpoint is that the cement prices have declined due to high temperatures and rainy seasons from July to early August, but a recovery in prices is expected starting mid-August as various regions initiate price increases [1] - The company has indicated that regions such as the Yangtze River Basin, Northeast, Central and Southern Hebei, Henan, and Shandong are leading the price recovery efforts [1] - A nationwide increase in cement prices is anticipated to begin in September, indicating a positive outlook for the industry [1]

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]

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 浙商证券股份有限公司 关于 唐山冀东水泥股份有限公司公开发行公司债 （关于取消监事会及董事发生变动的事项） 债券受托管理人 （住所：浙江省杭州市五星路 201 号） 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券所做承诺或 声明。 一、受托管理债券的 ...

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]