证券研究报告 上峰水泥 (000672 CH) H1 主业发展稳健，加码新业务投资 2025 年 8 月 26 日│中国内地 水泥 公司发布半年报，25H1 实现营收 22.72 亿元（yoy-5.02%），归母净利 2.47 亿元（yoy+44.53%），扣非归母净利 2.82 亿元（yoy+33.47%），处置吉 尔吉斯斯坦 ZETH 水泥公司股权导致债务重组损失 1.2 亿元。其中 Q2 实现 营收 13.21 亿元（yoy-10.94%，qoq+38.87%），归母净利 1.67 亿元 （yoy+6.86%，qoq+108.84%），Q2 盈利延续改善。公司延续改善资产负 债表和现金流，继续聚焦"一主两翼"战略，并已公告 2024-2026 年每年 分红比例不低于 35%且不低于 4 亿元，维持"买入"。 水泥熟料主业稳健，骨料销售量增价跌 公司 25H1 实现水泥及熟料收入 19.7 亿元，同比-4.2%，累计销售水泥熟料 890.7 万吨，同比-4.1%，我们测算吨均价 221 元，同比基本持平；吨毛利 67 元，同比+15 元，主要受益于煤炭跌价及公司精细化管理降本。公司 25H1 实现砂石骨料 ...

8月25日晚间，上峰水泥(000672)发布2025年半年度报告，报告显示，尽管上半年全国水泥市场需求整 体承压，公司主产品销量略有下滑，营业收入同比减少5.02%，但通过持续推动成本管控与效益优化， 公司仍实现归属于上市公司股东净利润2.47亿元，同比大幅增长44.53%;扣除非经常性损益的净利润为 2.82亿元，同比增长33.47%。经营活动产生的现金流量净额达到4.76亿元，同比增长23.99%，综合毛利 率为31.80%，同比提升6.38个百分点，继续保持行业领先水平。 在主业水泥建材方面，公司持续推进降本增效，主产品单位成本下降14.97元/吨，其中可控成本降低 6.11元/吨。西部新疆及宁夏基地收益贡献持续提升。延伸业务表现突出，骨料销量同比增长37.46%;环 保业务共处置各类危固废8.88万吨，实现营业收入5101.92万元。新能源业务快速发展，光伏发电量达 1416.37万度，同比增长92.1%，储能放电量同比增长182%。新投运3座重卡超充站，初步实现「光、 储、充、碳」系统融合。截至目前，上峰阳光新能源累计发电超4400万度，相当于节约标煤1.79万吨， 减少二氧化碳排放约4.4万吨。 ...

在新经济股权投资方面，公司聚焦半导体材料等科技创新领域，上半年新增对广州新锐光掩模、合肥方 晶科技、壹能科技等项目的投资。截至目前，公司已在半导体相关产业链布局六年，逐步构建新质业务 生态体系。多个被投企业进入资本化阶段：合肥晶合已成功上市，昂瑞微、上海超硅科创板上市申请获 受理，中润光能港股上市申请也已获受理，衢州发展（600208）公告拟并购先导电科，盛合晶微、长鑫 科技、广州粤芯、芯耀辉等多家企业进入上市辅导阶段，"双轮驱动"战略成效显著。 在企业治理与社会责任方面，公司党委持续推进党建与企业文化建设，通过企村联建等活动拓展非公企 业党建新路径。公司积极响应独董制度改革，成为首家由中小股东推荐独立董事的非公上市公司。在中 国水泥网发布的"2025中国水泥企业ESG排行榜"中，上峰水泥获评A级，位列行业前十。多家子公司在 地方评选中获"地方企业30强"、"地方纳税30强"、"绿色工厂"、"省级绿色矿山"等称号，显示公司在环 境、社会与治理方面的综合实力获得广泛认可。（秦声） 8月25日晚间，上峰水泥（000672）发布2025年半年度报告，报告显示，尽管上半年全国水泥市场需求 整体承压，公司主产品销量略有 ...

公司法定代表人：俞锋 主管会计工作的公司负责人: 孟维忠 公司会计机构负责人：李必华 | | | | 占用方与上 | 上市公司 | 2025 年期初 | 2025年半年度占用 | 2025 年半年度 | 2025 年半年度 | 2025 年半年 | 占用形 | 占用性 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | | 市公司的关 | 核算的会 | 占用资金余 | 累计发生金额 | 占用资金的利 | 偿还累计发生 | 度期末占用 | 成原因 | 质 | | | | | 联关系 | 计科目 | 额 | （不含利息） | 息(如有) | 金额 | 资金余额 | | | | 控股股东、实际控制人 及其附属企业 | | 无 | 无 | 无 | | | | | | | | | 小计 | | | | | | | | | | | | | 前控股股东、实际控制 人及其附属企业 | | 无 | 无 | 无 | | | | | | | | | 小计 | | | | | | | | ...

甘肃上峰水泥股份有限公司 2025 年半年度财务报告 甘肃上峰水泥股份有限公司 GANSU SHANGFENG CEMENT CO., LTD 2025 年半年度财务报告 证券代码：0 0 0 6 7 2 证券简称：上峰水泥 2025 年 08 月 1 甘肃上峰水泥股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：甘肃上峰水泥股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 2,173,564,543.61 | 2,671,756,512.29 | | 交易性金融资产 | 1,281,030,318.85 | 1,236,159,875.43 | | 应收票据 | 324,022,278.88 | 269,050,273.10 | | 应收账款 | 218,523,966.54 | 209,207,618.66 | | 应收款项融资 | ...

甘肃上峰水泥股份有限公司 2025 年半年度财务报表 甘肃上峰水泥股份有限公司 GANSU SHANGFENG CEMENT CO., LTD 2025 年半年度财务报表 证券代码：0 0 0 6 7 2 证券简称：上峰水泥 2025 年 08 月 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 2,173,564,543.61 | 2,671,756,512.29 | | 交易性金融资产 | 1,281,030,318.85 | 1,236,159,875.43 | | 应收票据 | 324,022,278.88 | 269,050,273.10 | | 应收账款 | 218,523,966.54 | 209,207,618.66 | | 应收款项融资 | 107,808,167.93 | 125,831,303.28 | | 预付款项 | 80,714,142.48 | 72,963,192.36 | | 其他应收款 | 181,953,591.99 | 73,801,100.58 | | 其中：应收利息 | | | | 应收 ...

甘肃上峰水泥股份有限公司 2025 年半年度报告全文 甘肃上峰水泥股份有限公司 GANSU SHANGFENG CEMENT CO., LTD 2025 年半年度报告 证券代码：00 0 6 7 2 证券简称：上峰水泥 甘肃上峰水泥股份有限公司 2025 年半年度报告全文 2025 年 08 月 1 2 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》之"第四章制造业 第五节非金属建材相关业务"的披露要求。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 第一节 重要提示、目录和释义 公司董事会董事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律 责任。 | ਨਾ | | --- | | P | 公司负责人俞锋、主管会计工作负责人孟维忠及会计机构负责人(会计主 管人员)李必华声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 7 | | 第三节 ...

国泰海通建材鲍雁辛-周观点：建材中的"抱团"与"切换" （国泰海通 建材行业 鲍雁辛 18676684351）20250824 本文汇报 1、周观点：建材中的"抱团"与"切换" 本周市场迎来了风格再次强化，科技尤其是唯一有基本面支撑算力，其演绎越来越极 致。此时在建材领域，无论是选择继续"抱团"还是转向"切换"，都有显然值得考虑 的选项。 1.建材中的"抱团"：电子布格局暂不会证伪，增量乐观者定价 玻纤电子布实现业绩兑现和产业趋势的共振。25 年 AI 趋势尚未结束，以板块行情为主， 26 年选择能低成本无瓶颈量产一代布的公司，和 Q 布良率有望率先突破的公司。而板块 的风险主要需要观测北美预期指引节奏的变化。 1）头部企业电子布业绩如期兑现。 本周中材科技发布中报，作为特种玻纤布领域国内 产品体系最全的公司，中报业绩落在此前业绩预告的上缘，上半年公司特种布销量 895 万米，倒算 25Q2 产销量近 600 万米，产销环比提速，盈利体量放大。 2）AI 产业链整体量产预期提前。从产业链上看，近期 PCB 企业和核心 Q 布供应商排产均 反馈 1.6T 交换机用 M9 量产预期有望提前，过去 GB300 配套 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - The necessity for "anti-involution" in the cement industry remains, with a competitive landscape characterized by high concentration and state-owned enterprise dominance [1][12] - The cement industry is experiencing a significant oversupply, with a projected capacity utilization rate of only 53% in 2024, indicating a need for supply-side reforms to reduce actual capacity [3][22] - Short-term measures such as peak-shifting production will continue to support the industry, while medium-term strategies will focus on administrative measures to limit overproduction [4][30] Summary by Sections Supply Structure - The cement industry is primarily led by state-owned enterprises, with a concentration ratio (CR10) of 57% and an expected state-owned enterprise capacity share of around 45% in 2024 [1][12] - The top ten cement companies include four state-owned enterprises, which collectively hold about 71% of the capacity, facilitating coordinated efforts to stabilize prices and enhance efficiency [12][1] Industry Profitability - The industry is projected to achieve a total profit of 260 billion yuan in 2024, with a profit margin of approximately 4.1%, although this represents an 86% decline from the peak levels seen in previous years [16][20] - The worst period in early 2024 saw over 55% of companies reporting losses, but a recovery is anticipated in the fourth quarter, with profits expected to reach 150-160 billion yuan in the first half of 2025 [20][16] Supply and Demand Dynamics - The total cement supply has peaked at around 1.81 billion tons, but demand continues to decline, leading to a significant oversupply issue [22][3] - The expected demand bottom is estimated to be between 1.2 to 1.5 billion tons, indicating a potential decline of 18% to 34% from 2024 levels [22][3] Review of Previous Supply-Side Reforms - Previous reforms included a ban on new capacity and the promotion of peak-shifting production, which successfully reduced new clinker capacity additions from a billion-ton level to a few million tons [2][26] - The industry's profit recovery from 518 billion yuan in 2016 to a historical high of 1867 billion yuan in 2019 was largely due to these reforms [2][29] Future Anti-Involution Strategies - The future governance of "anti-involution" will involve a combination of market, administrative, and legal measures, with a strong emphasis on reducing excess capacity through administrative controls [4][30] - The carbon trading policy expected to be implemented by 2027 will further pressure high-emission capacities to exit the market, promoting a shift towards more efficient production methods [33][35]

Investment Rating - The report maintains a positive outlook on the building materials industry, particularly in AI materials and traditional building materials entering a price increase season [1][3]. Core Insights - The AI materials market continues to expand, driven by the anticipation of mass production in the AI industry chain, which is expected to boost demand for related products [2][3]. - The construction materials sector is showing signs of recovery, with consumption fundamentals expected to improve in the second half of 2025 [10][24]. - The cement industry is entering a peak season, with price increases already observed in the Yangtze River Delta region [30][33]. Summary by Sections AI Materials - The M9 production for switches is expected to ramp up ahead of schedule, with core Q fabric suppliers also increasing production capacity [2]. - The demand for low dielectric fabrics is anticipated to rise alongside the production of GB200 and GB300 cabinets [2][3]. - The overall production ramp-up is seen as a key support for market trends [2]. Cement Industry - The opening of major infrastructure projects in Xinjiang and Tibet is expected to enhance market confidence and drive demand for cement [8][30]. - The cement market has seen a slight price increase, with certain regions experiencing price hikes of 10-30 RMB per ton [33][34]. - The report highlights a potential supply reduction in the North China region due to planned production cuts for air quality improvement [32][33]. Building Materials - The report notes a significant policy shift in Beijing aimed at stimulating the real estate market, which is expected to positively impact consumption building materials [10][24]. - Companies in the consumption building materials sector are beginning to stabilize their earnings, with expectations of improved profitability in the coming quarters [25][26]. - The report emphasizes the importance of cost management and pricing strategies among leading companies in the sector [25][26]. Glass Industry - The float glass market is currently facing price pressures, with average prices declining [41][42]. - Environmental regulations are tightening, which may lead to increased costs for glass manufacturers [42][43]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market challenges, with a focus on profitability in their automotive glass segment [44].