Financial Performance - The company's revenue for Q3 2025 was ¥1,254,540,774.25, representing a decrease of 12.19% compared to the same period last year[5] - The net profit attributable to shareholders was -¥9,349,958.15, a decline of 34.92% year-on-year[5] - The company reported a basic earnings per share of -¥0.0212, which is a 35.37% increase in loss compared to the same period last year[5] - The company experienced a 45.19% decline in net profit attributable to shareholders for the year-to-date period, totaling -¥38,348,117.86[10] - Total operating revenue for the current period was ¥3,655,374,690.14, a decrease of 10.6% from ¥4,087,624,638.17 in the previous period[20] - The net loss for the current period was ¥36,738,144.65, compared to a net loss of ¥24,033,467.22 in the previous period, representing a 53.1% increase in losses[21] Cash Flow - The net cash flow from operating activities increased significantly to ¥173,333,255.41, a rise of 2613.95% compared to the previous year[11] - The cash and cash equivalents net increase was ¥37,146,058.81, a decrease of 68.96% compared to the previous year, mainly due to reduced cash flows from investment and financing activities[11] - Operating cash flow for the current period is ¥173,333,255.41, compared to a negative cash flow of ¥6,894,856.22 in the previous period, indicating a significant improvement[22] - Total cash inflow from investment activities is ¥325,395,005.11, up from ¥80,234,282.22 in the previous period, reflecting a strong recovery in investment receipts[22] - Cash outflow for investment activities increased to ¥465,910,843.45 from ¥120,072,756.29, resulting in a net cash flow from investment activities of -¥140,515,838.34, worsening from -¥39,838,474.07[22] - Cash inflow from financing activities decreased to ¥1,146,318,836.76 from ¥1,728,132,840.00, indicating a reduction in financing received[23] - Net cash flow from financing activities is ¥4,328,641.74, a significant drop from ¥166,423,427.50 in the previous period, suggesting tighter financing conditions[23] - The ending balance of cash and cash equivalents is ¥604,992,919.46, slightly down from ¥605,990,158.04 in the previous period[23] Assets and Liabilities - Total assets at the end of Q3 2025 were ¥5,362,322,937.49, reflecting a growth of 4.17% from the end of the previous year[5] - The company's total assets increased to ¥5,362,322,937.49 from ¥5,147,871,332.22, reflecting a growth of 4.2%[19] - Total liabilities rose to ¥2,410,118,391.22, up from ¥2,201,108,741.31, indicating an increase of 9.5%[19] - The total equity attributable to shareholders decreased by 1.48% to ¥2,550,220,620.52 compared to the end of the previous year[5] - The equity attributable to shareholders of the parent company decreased to ¥2,550,220,620.52 from ¥2,588,568,738.38, a decline of 1.5%[19] - The total number of common shareholders at the end of the reporting period is 26,369[13] Investments and Acquisitions - The company acquired a 51% stake in North China Industrial Plastic Co., aiming to accelerate transformation and resource integration[15] - The company is focused on resource integration and management synergy following the acquisition of North China Plastic[15] - The company’s investment income dropped by 36.78% to ¥2,731,842.86, primarily due to reduced returns from joint ventures[9] - The company received ¥325,000,000.00 from investment recoveries, a significant increase from ¥80,000,000.00 in the previous period, highlighting improved investment management[22] Operational Metrics - Total operating costs amounted to ¥3,709,202,817.68, down 10.3% from ¥4,137,562,087.78 year-over-year[20] - The company reported a decrease in inventory from ¥1,027,220,633.65 to ¥957,517,612.13, a decline of about 6.8%[17] - Accounts receivable rose to ¥1,058,392,119.37 from ¥825,729,056.02, indicating an increase of about 28.2%[17] - The total current assets amounted to ¥3,184,595,909.82, up from ¥3,004,192,293.32, reflecting a growth of approximately 6.0%[17] - Research and development expenses increased to ¥46,139,120.53, up from ¥41,378,257.65, marking a rise of 11.0%[20] - The financial expenses decreased by 35.82% to ¥14,287,081.32 due to a reduction in borrowing scale[9] - The company reported a decrease in financial expenses to ¥14,287,081.32 from ¥22,259,664.50, a reduction of 35.8%[20] - The company's cash flow from operating activities shows a positive trend, with a net increase of ¥37,146,058.81 in cash and cash equivalents for the current period[23]

海螺（安徽）节能环保新材料股份有限公司 独立董事制度 （2025年10月修订） 第一章 总 则 第一条 为进一步完善海螺（安徽）节能环保新材料股份有限公司（以下简称 "公司"）的治理结构，规范独立董事行为，充分发挥独立董事在上市公司治理中的 作用，促进公司的规范运作，更好地维护公司及股东的利益，根据《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司独立董事管理办法》《上市公司 治理准则》《深圳证券交易所股票上市规则》等法律、行政法规、规范性文件以及 公司《章程》的有关规定，结合公司实际情况，特制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及公司主 要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立 客观判断关系的董事。 独立董事应当独立履行职责，不受公司及公司主要股东、实际控制人等单位或 者个人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉的义务，应当按照法律、 行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、深圳证券交 易所（以下简称"深交所"）业务规则和公司《章程》的规定，认真履行职责，在董 事会中发挥参与决策、监督制衡 ...

海螺（安徽）节能环保新材料股份有限公司 募集资金管理办法 （2025年10月修订） 第一章 总 则 第一条 为规范海螺（安徽）节能环保新材料股份有限公司（以下称"公司"） 募集资金的管理和使用，保护投资者的权益，根据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司募集资金监管规则》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第1号—主板上市公司规范运 作》等法律、行政法规、部门规章、业务规则及《公司章程》的相关规定，结合 公司实际情况，制定本办法。 第二条 本办法所指募集资金是指公司通过发行股票或者其他具有股权性 质的证券，向投资者募集并用于特定用途的资金，但不包括公司为实施股权激励 计划募集的资金。本办法所指超募资金是指实际募集资金净额超过计划募集资金 金额的部分。 第三条 公司募集资金应当专款专用。使用募集资金应当符合国家产业政策 和相关法律法规，践行可持续发展理念，履行社会责任，原则上应当用于主营业 务，有利于增强公司竞争能力和创新能力。募集资金不得用于持有财务性投资， 也不得直接或者间接投资于以买卖有价证券为主要业务的公司。 第四条 公司董事会应负责建立健全募集资金 ...

海螺（安徽）节能环保新材料股份有限公司 关联交易管理制度 （2025年10月修订） 第一章 总 则 第一条 为规范海螺（安徽）节能环保新材料股份有限公司（以下简称"公 司"）的关联交易行为，保证公司与关联方之间所发生的关联交易符合公平、公 开、公允的原则，充分保障股东特别是中小股东和公司的合法权益，依据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《企业会计 准则》《深圳证券交易所股票上市规则》和《海螺（安徽）节能环保新材料股份 有限公司章程》的有关规定，结合公司实际情况，特制订本制度。 第二条 公司应加强对关联交易的管理，按要求做好关联交易协议的签订、 履约和监督。 第三条 本制度所称"关联交易"是指公司或者其控股子公司与公司关联人 之间发生的转移资源或义务的事项，包括但不限于下列事项： 公司董事会秘书室负责根据相关规定，建立完善公司关联交易管理相关制 度，指导、督促、检查各专业部门规范关联交易管理；负责组织将关联交易的议 案提交董事会、股东会审批，并履行信息披露义务。 公司财务部负责关联交易的会计记录、核算、报告及统计分析工作，并按月 度报董事会秘书室。 各专业部门负责根据生产经营 ...

第四条 审计室为公司内部审计机构，在公司党委、董事会直接领导下开展 内部审计工作，向董事会审计委员会报告工作。 第五条 内部审计机构和审计人员不受其他部门、单位和个人的干预，也不 得参与可能影响独立、客观履行审计职责的工作，不得干预、插手被审计单位及 其相关单位的正常生产经营和管理活动。内部审计人员办理审计事项时，若与被 审计单位或者审计事项有利害关系的，应当回避。 第六条 内部审计机构应当合理配备内部审计人员，配备内部审计人员应严 格录用标准，以满足审计全覆盖的要求。 海螺（安徽）节能环保新材料股份有限公司 内部审计管理办法 第一章 总 则 第一条 为加强内部审计工作，明确审计职责，规范审计行为，提高审计效 率，加大审计结果的督办力度，保证审计质量和效果，充分发挥内部审计作用， 根据《中华人民共和国审计法》《审计署关于内部审计工作的规定》《内部审计 准则》等有关法律法规规定，结合海螺（安徽）节能环保新材料股份有限公司（以 下简称"公司"）实际情况，制定本办法。 第二条 本办法所称内部审计，是指内部审计机构依据国家法律法规和公司 规章制度，对公司及所属单位财务收支、经济活动、内部控制、风险管理实施独 立、客观 ...

海螺（安徽）节能环保新材料股份有限公司 信息披露管理制度 （2025年10月修订） 第一章 总 则 第一条 为加强海螺（安徽）节能环保新材料股份有限公司（以下简称"公司"） 信息披露管理工作，规范公司的信息披露行为，确保信息披露的公平性，保护投资者 的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 信息披露管理办法》《上市公司治理准则》《深圳证券交易所股票上市规则》（以下 简称"《上市规则》"）等法律、行政法规和《海螺（安徽）节能环保新材料股份有 限公司章程》（以下简称"公司《章程》"）的有关规定，特制定本制度。 1 第二条 本制度所称"信息"是指所有对公司股票价格可能产生重大影响的信息 以及证券监管部门要求披露的信息；本制度所称"披露"是指在规定的时间内、在规 定的媒体上、以规定的方式向社会公众公布前述的信息，并按规定报送证券监管部门。 第三条 本制度所称信息披露义务人，是指公司及其董事、高级管理人员、股东、 实际控制人，收购人，重大资产重组、再融资、重大交易有关各方等自然人、单位及 其相关人员，破产管理人及其成员，以及法律、行政法规和中国证监会规定的其他承 担信息披露义务的主体。 ...

Core Viewpoint - The construction materials industry in China is facing significant challenges due to declining prices and demand, leading to increased losses and structural issues. The government has introduced a growth stabilization plan for 2025-2026 to enhance profitability and promote green and digital development in the sector [5][6]. Group 1: Industry Challenges - The construction materials industry is a crucial foundation for the national economy, but recent years have seen a decline in prices for key products like cement and glass, resulting in an expanded loss margin and highlighted structural problems [3]. - In 2024, the domestic cement industry's profit is projected to be 26.6 billion yuan, a nearly 90% drop from the historical high of 186.7 billion yuan in 2019. The demand has reverted to levels seen before 2010, necessitating a restructuring of competitive order [7]. - From January to September 2025, domestic cement production was 1.259 billion tons, a year-on-year decrease of 5.2%, with prices continuing to decline [7]. Group 2: Government Initiatives - The Ministry of Industry and Information Technology and five other departments issued the "Construction Materials Industry Stabilization Growth Work Plan (2025-2026)," aiming for a significant improvement in profitability and a target of over 300 billion yuan in revenue from green building materials by 2026 [5]. - The plan emphasizes strict capacity control, nurturing emerging markets, and accelerating green production to transition towards high-quality, low-carbon development [5][8]. Group 3: Capacity Control Measures - To address the sluggish market, the industry is implementing strict capacity control measures. For instance, Conch Cement has increased the number of days its production lines are idled and has eliminated 16 production lines, accounting for over 22% of the total capacity eliminated in the industry [8][9]. - By the end of 2025, it is expected that 10% of the total cement capacity will be eliminated, with the concentration of capacity among the top ten companies rising from 56.5% to over 65% [9]. Group 4: Innovation and Market Development - Companies are diversifying their operations to mitigate risks and foster new growth points. For example, Conch New Materials is acquiring a 51% stake in a plastic products company to enhance synergy and expand into new markets [11]. - The cement industry is increasingly exploring horizontal expansions into aggregates and vertical extensions into concrete, leveraging synergies for competitive advantage [12]. Group 5: Green and Low-Carbon Initiatives - The industry is advancing towards green and low-carbon production through technological innovations, such as the transition to natural gas in glass production, which has reached 65% of total capacity [15]. - The cement sector is adopting carbon capture technologies and optimizing energy consumption, with the proportion of green and smart factories increasing to over 68% [15][16].

Core Viewpoint - The construction materials industry in China is facing significant challenges due to declining prices and increased losses, prompting the government to implement a growth stabilization plan aimed at enhancing profitability and promoting green and digital development by 2026 [1][2]. Industry Overview - The construction materials sector is crucial for national economic growth, but recent years have seen a downturn in prices for key products like cement and glass, leading to an expanded loss margin and structural market issues [1]. - The Ministry of Industry and Information Technology, along with five other departments, has issued a plan targeting a significant increase in the profitability of the construction materials industry over the next two years, with a goal of exceeding 300 billion yuan in revenue from green building materials by 2026 [1]. Market Conditions - In 2024, the total profit for the domestic cement industry is projected to be 26.6 billion yuan, a decline of approximately 90% compared to the historical peak of 186.7 billion yuan in 2019 [1]. - Cement production from January to September 2025 was only 1.259 billion tons, reflecting a year-on-year decrease of 5.2% due to reduced demand from real estate and infrastructure investments [1]. Price Trends - The price of cement has been on a downward trend since 2025, with the price of P.O 42.5 bulk cement hitting a yearly low of 267.11 yuan per ton in mid-August [2]. - The glass industry has also experienced a decline in prices, with the price of float glass reaching a historical low in September 2024, followed by a slight rebound before falling again in 2025 [2]. Capacity Control Measures - The cement industry is actively responding to market challenges by implementing strict capacity controls, with a significant increase in kiln shutdown days and the elimination of inefficient production lines [2][3]. - As of September 2025, the company has shut down 16 production lines, accounting for over 22% of the total capacity eliminated in the industry [2]. Diversification and Innovation - Companies are diversifying their operations by expanding into new markets and industries, such as aluminum and eco-friendly home products, to mitigate reliance on traditional construction materials [5][6]. - The cement industry is also exploring horizontal and vertical expansions into related sectors, leveraging synergies to enhance competitive advantages [6]. Green and Low-Carbon Development - The industry is increasingly focusing on green and low-carbon production methods, with many companies adopting natural gas as a fuel source, which is expected to improve product quality [8]. - The implementation of carbon capture technologies and digital management systems is helping to significantly reduce energy consumption and carbon emissions in cement production [8]. Policy Support - The government is providing support through subsidies, tax reductions, and green finance initiatives to encourage construction material companies to expand their green production capabilities and phase out outdated capacities [9].

Core Viewpoint - The stock of Conch New Materials has shown a positive trend with a 4.72% increase year-to-date and a notable rise of 9.52% over the last five trading days, indicating potential investor interest and market confidence in the company [1]. Financial Performance - For the first half of 2025, Conch New Materials reported a revenue of 2.401 billion yuan, reflecting a year-on-year decrease of 9.70%. The net profit attributable to shareholders was -28.9982 million yuan, a significant decline of 140.75% compared to the previous period [2]. - The company has cumulatively distributed 501 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - As of October 24, the stock price of Conch New Materials reached 6.44 yuan per share, with a trading volume of 42.4792 million yuan and a turnover rate of 1.87%. The total market capitalization stands at 2.841 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the last occurrence on January 3 [1]. Shareholder Information - As of June 30, the number of shareholders for Conch New Materials was 30,300, a decrease of 6.77% from the previous period. The average number of circulating shares per person increased by 7.26% to 11,863 shares [2]. Business Overview - Conch New Materials, established on October 16, 1996, and listed on October 23, 1996, is located in Wuhu City, Anhui Province. The company specializes in the manufacturing and sales of plastic profiles, boards, doors and windows, hardware products, and steel keel [1]. - The main revenue sources for the company include aluminum profiles (50.67%), plastic profiles and boards (24.21%), environmental new materials (9.88%), doors and windows (7.69%), and other industries and services (7.54%) [1].

Core Viewpoint - The acquisition of a 51% stake in North China Plastics by Conch (Anhui) Energy-saving and Environmental Protection New Materials Co., Ltd. is a strategic move to diversify its business and address growth challenges in the PVC industry [1][2] Group 1: Acquisition Details - Conch New Materials plans to acquire North China Plastics for 95.27 million yuan, making it a subsidiary and consolidating it into the company's financial statements [1] - The acquisition reflects the company's strategy to transition from traditional PVC products to high-value polymer materials, addressing the current industry bottleneck [1][2] Group 2: Industry Context - The PVC industry is experiencing a bottleneck, with domestic inventory at 1.3005 million tons, a 1.11% increase month-on-month, and social inventory at 953,700 tons, a 2.03% increase [1] - Conch New Materials reported a revenue of 2.401 billion yuan for the first half of 2025, a 9.70% year-on-year decline, and a net loss of 28.9982 million yuan [1] Group 3: Strategic Benefits - North China Plastics specializes in high polymer low-noise rollers and modified ultra-high molecular weight polyethylene products, which complement Conch's downstream market [1] - The combination of North China Plastics' R&D capabilities and Conch's production technology can help overcome barriers to high-end products and reduce reliance on traditional PVC [2] - The acquisition is expected to create new profit growth points for Conch New Materials and alleviate losses in its main business [2] Group 4: Valuation Insights - As of July 31, 2025, the total equity value of North China Plastics was assessed at 187 million yuan, with an appraisal increment of 48.2577 million yuan, resulting in a 34.83% increase [2] - The valuation includes 5 authorized invention patents and 31 utility model patents, with a technology-related intangible asset appraisal increment of 16 million yuan [2]