Financial Performance - The company's operating revenue for Q3 2025 was CNY 1,326,129,823.26, a decrease of 6.82% compared to the same period last year[5]. - Net profit attributable to shareholders increased by 20.34% to CNY 281,113,635.08, while net profit excluding non-recurring gains and losses rose by 37.90% to CNY 213,122,715.10[5]. - The company achieved a cumulative operating revenue of CNY 3,598,463,266.51 for the year-to-date, down 5.69% year-on-year, with a net profit of CNY 527,983,115.87, up 30.56%[9]. - Revenue decreased by 5.69% to ¥3,598,463,266.51, primarily due to a 6.21% decline in sales volume of clinker and cement products[19]. - Net profit for the current period is ¥550,843,626.90, an increase of 46.0% compared to ¥377,482,429.11 in the previous period[30]. - Earnings per share (EPS) for the current period is ¥0.54, up from ¥0.42 in the previous period[30]. - The company reported an operating profit of ¥656,072,411.65, which is a significant increase from ¥477,239,554.09 in the previous period[29]. Production and Sales - The company produced 1,108.62 million tons of clinker and 1,117.08 million tons of cement in the first nine months, with total sales of 1,415.00 million tons, a decline of 6.21% year-on-year[10]. - Total operating costs decreased to ¥3,159,661,639.15, down 9.8% from ¥3,502,090,607.11 in the previous period[29]. Profitability and Margins - The gross profit margin for the company's core business was 29.86%, and the net profit margin was 15.31%, maintaining industry-leading levels[9]. - Investment income rose to ¥115,368,488.44, compared to ¥68,934,795.89 in the previous period, marking a growth of 67.1%[29]. Cash Flow and Liquidity - The company’s cash flow from operating activities for the year-to-date was CNY 755,071,117.83, reflecting a year-on-year increase of 2.34%[5]. - Operating cash flow for the current period is $755,071,117.83, an increase of 2.5% compared to $737,818,666.75 in the previous period[32]. - Cash inflow from investment activities totaled $1,321,180,973.64, up from $997,559,640.53, representing a 32.4% increase[32]. - Cash received from the sale of goods and services was $3,455,897,961.46, a decrease of 8.5% from $3,775,520,537.18[32]. - Cash paid for purchasing goods and services was $2,019,143,525.19, down from $2,528,065,523.19, reflecting a 20.1% decrease[32]. Assets and Liabilities - The company’s total assets at the end of the reporting period were CNY 16,883,339,054.39, a decrease of 3.95% from the end of the previous year[5]. - Total liabilities decreased to ¥7,200,196,223.87 from ¥7,922,785,062.95, reflecting a reduction of 9.1%[28]. - Total equity increased slightly to ¥9,683,142,830.52 from ¥9,655,071,866.27, indicating a growth of 0.3%[28]. - Short-term borrowings increased by 29.15% to ¥2,022,896,549.93, as subsidiaries sought additional working capital loans[18]. Investments and Projects - The company’s investment in equity, particularly in semiconductor materials, contributed approximately CNY 170 million to net profit, accounting for 31% of total net profit[14]. - The company’s new energy projects generated 24.82 million kWh of electricity and saved approximately 7,463 tons of standard coal, reducing CO2 emissions by about 20,000 tons[13]. Shareholder Information - The number of common shareholders at the end of the reporting period was 41,667[23]. - The largest shareholder, Zhejiang Shangfeng Holding Group Co., Ltd., holds 31.15% of shares, with 93,100,000 shares pledged[23].

Core Viewpoint - Gansu Shangfeng Cement Co., Ltd. has made significant progress in its semiconductor equity investments, with its invested companies achieving important milestones in their public offerings [1][2]. Group 1: Investment Progress - On October 23, the China Securities Regulatory Commission approved Beijing Angrui Microelectronics Technology Co., Ltd.'s initial public offering (IPO) registration, which is a company invested in by the Suzhou Industrial Park Chip Venture Capital Partnership, a fund established by Shangfeng Cement [1][2]. - Suzhou Chip holds 257,700 shares of Angrui Micro, representing a 0.35% stake prior to the public offering [2]. - Angrui Micro specializes in integrated circuit design, focusing on RF and analog fields, and is recognized as a national-level "little giant" enterprise [2]. Group 2: Fund Investments - The Zhongjin Material (Anhui) New Materials Industry Investment Fund, in which Shangfeng Cement invested 200 million yuan, has successfully completed the IPO of Xi'an Yiswei Material Technology Co., Ltd., raising approximately 4.636 billion yuan through the issuance of 538 million shares at a price of 8.62 yuan per share [2][3]. - The fund focuses on new materials, particularly inorganic non-metallic materials and composite materials, and has several projects nearing capitalization, including companies in fuel cell membranes and photolithography films [3]. Group 3: Strategic Development - Shangfeng Cement is leveraging a dual strategy of core business and equity investment to penetrate strategic emerging sectors such as semiconductors and new materials, which is expected to yield substantial investment returns and provide valuable experience for the company's industrial transformation and growth [3].

Core Insights - Shangfeng Cement has made significant progress in the semiconductor investment sector, with its affiliate Angrui Microelectronics receiving rapid approval from the China Securities Regulatory Commission (CSRC) for its listing application, setting a new record for the Sci-Tech Innovation Board [1] - The company is transitioning its strategy from "one main business and two wings" to a "dual-wheel drive" model, indicating a successful upgrade in its investment strategy [1][3] Investment Achievements - Angrui Microelectronics, a company focused on RF and analog integrated circuit design, has been recognized as a national-level "little giant" enterprise and is backed by a specialized equity investment fund [1] - The company has also successfully completed the issuance of Yisiwei Material Technology, which will be listed on the Sci-Tech Innovation Board on October 28, 2025, raising approximately 4.636 billion yuan [2] Financial Performance - Despite a challenging national cement market, Shangfeng Cement reported a net cash flow of 476 million yuan in the first half of 2025, reflecting a year-on-year increase of 23.99% [2] - The net profit contribution from equity investment business reached 22.6% in 2024, with cumulative profits from equity investments amounting to 530 million yuan over five years [2] Strategic Planning - The company plans to reserve over 3 billion yuan in equity assets over the next five years, aiming for significant valuation appreciation as equity investments enter a harvest phase [3] - The profit contribution ratio of the "one main business and two wings" strategy is approximately 6:2:2, showcasing the evolution from a single cement producer to a composite enterprise integrating industry and capital [3]

证券代码：000672 证券简称：上峰水泥 公告编号：2025-068 甘肃上峰水泥股份有限公司 关于参股公司首次公开发行股票并在科创板上市通过 注册申请的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 董 事 会 2025 年 10 月 24 日 2 2025 年 10 月 23 日，中国证券监督管理委员会发布《关于同意北京昂瑞微 电子技术股份有限公司首次公开发行股票注册的批复》，同意北京昂瑞微电子技 术股份有限公司（以下简称"昂瑞微"）首次公开发行股票并在科创板上市的注册 申请。 昂瑞微系甘肃上峰水泥股份有限公司（以下简称"公司"）全资子公司宁波上 融物流有限公司（以下简称"宁波上融"）与专业机构合资成立的专项股权投资 基金——苏州工业园区芯程创业投资合伙企业（有限合伙）（以下简称"苏州芯程"） 投资的企业。 宁波上融投资苏州芯程 1 亿元持有其 55.60%（按实缴出资）的投资份额（具 体内容请详见 2021 年 6 月 11 日和 2025 年 4 月 1 日在巨潮资讯网披露的公告， 公告编号：2021-047、2025-018）。截至本公告日， ...

Group 1: Market Performance - The cement sector increased by 0.46% compared to the previous trading day, with Guotong Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Group 2: Individual Stock Performance - Guotong Co., Ltd. (002205) closed at 15.16, up 10.01% with a trading volume of 158,100 shares and a transaction value of 233 million [1] - Other notable performers include Shangfeng Cement (000672) with a closing price of 11.11, up 2.40%, and Hanjian Heshan (603616) at 5.52, up 2.22% [1] - The overall trading volume and transaction values for various stocks in the cement sector were significant, with Shangfeng Cement achieving a transaction value of 479 million [1] Group 3: Capital Flow Analysis - The cement sector saw a net inflow of 5.77 million from institutional investors, while retail investors contributed a net inflow of 46.47 million [2][3] - Notably, Guotong Co., Ltd. had a net inflow of 68.52 million from institutional investors, despite a net outflow of 45.34 million from retail investors [3] - The overall capital flow indicates a mixed sentiment, with institutional investors showing confidence in certain stocks while retail investors exhibited caution [2][3]

Group 1 - The company, Shangfeng Cement, has invested 200 million RMB in Changxin Technology through a private equity investment fund, Shanghai Junzhi Pu Venture Capital Partnership (Limited Partnership) [1] - The indirect shareholding ratio of Shangfeng Cement in Changxin Technology is approximately 0.15% [1]

Investment Business - The company focuses on the semiconductor sector, expecting a concentrated realization period in the next 1-2 years [1] - By October 2025, the total investment in equity business will exceed 1.9 billion, with 29 projects, 20 of which are semiconductor companies, accounting for 69% [1] - The company invested 200 million in Changxin Technology, a domestic DRAM leader, in July 2021, which has completed IPO guidance acceptance by October 2025 [1] - Changxin Technology's valuation reached 140 billion during its financing in March 2024, indicating potential high returns post-IPO [1] - Over 60% of the initial investment projects are either listed or in the process of going public, with 100% of key projects over 100 million already on the path to capitalization [1] - The company's semiconductor investments began in Anhui, benefiting from local industry growth, resource empowerment, and strong cash flow [1] - Investments are made through a wholly-owned subsidiary as an LP in collaboration with Lanpu Venture Capital to ensure professional investment [1] Cement Business - The company's cement operations are primarily located in the economically developed Yangtze River Delta region, showing superior cost and profit performance compared to peers [2] - In H1 2025, the cement clinker cost was 154.49 yuan/ton, leading the industry, with a gross profit of 66.47 yuan, close to that of Conch Cement [2] - The company has maintained positive operating cash flow since 2015, with a peak of over 3 billion in 2019, and 4.76 billion in H1 2025, a year-on-year increase of 23.99% [2] - The company emphasizes high dividends and multiple incentive plans, committing to a cash dividend of at least 35% of net profit from 2024 to 2026, with a minimum of 400 million each year [2] Industry Outlook - In Q3 2025, cement prices fell to a near five-year low, with an average price of 344.33 yuan/ton, down 32.47 yuan/ton from the previous quarter and 40.09% year-on-year [3] - The current profitability of leading companies is below a safe line, with potential losses for small and medium enterprises expected to increase [3] - Short-term recovery in cement prices is anticipated due to strong price recovery intentions among companies, while mid-term improvements are expected from policies addressing overproduction [3] - Revenue projections for 2025-2027 are 4.941 billion, 4.974 billion, and 5.157 billion yuan, with net profits of 754 million, 902 million, and 998 million yuan, reflecting a growth of 20% in 2025 and 2026 [3] - The company’s fixed dividend model offers attractive yields, and it is rated as a "strong buy" for the first coverage [3]

Market Overview - The cement sector increased by 0.24% on October 20, with Hanjian Heshan leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Individual Stock Performance - Hanjian Heshan (603616) closed at 5.30, up 2.51% with a trading volume of 105,700 shares and a turnover of 55.47 million yuan [1] - Fujian Cement (600802) closed at 5.75, up 1.77% with a trading volume of 187,500 shares and a turnover of 108 million yuan [1] - Other notable performers include Sanhe Yingshao (003037) at 8.00 (+1.65%), Longquan Co. (002671) at 5.09 (+1.19%), and Xibu Construction (002302) at 6.97 (+1.16%) [1] Capital Flow Analysis - The cement sector experienced a net outflow of 121 million yuan from institutional investors, while retail investors saw a net inflow of 102 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Detailed Capital Flow for Selected Stocks - Conch Cement (600585) had a net inflow of 18.35 million yuan from institutional investors, but a net outflow of 5.47 million yuan from retail investors [3] - Jinyu Group (000401) saw a significant net inflow of 10.42 million yuan from institutional investors, while retail investors had a net outflow of 13.28 million yuan [3] - Qing Song Jianhua (600425) reported a net inflow of 8.90 million yuan from institutional investors, with retail investors also experiencing a net outflow of 12.95 million yuan [3]

Market Overview - On October 17, the cement sector declined by 1.36% compared to the previous trading day, with Shangfeng Cement leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Shangfeng Cement (000672) closed at 10.70, down 4.21% with a trading volume of 401,800 shares and a turnover of 436 million yuan [2] - Fujian Cement (600802) closed at 5.65, up 1.44%, with a trading volume of 241,100 shares and a turnover of 137 million yuan [1] - Other notable stocks include Longquan Co. (002671) at 5.03, down 0.80%, and Sichuan Jinding (600678) at 9.08, down 2.16% [2] Capital Flow Analysis - The cement sector experienced a net outflow of 365 million yuan from institutional investors, while retail investors saw a net inflow of 328 million yuan [2][3] - Fujian Cement had a net inflow of 10.72 million yuan from institutional investors, but a net outflow of 14.03 million yuan from retail investors [3] - Tianshan Co. (000877) reported a net inflow of 7.88 million yuan from institutional investors, while retail investors had a slight outflow [3]

Core Viewpoint - The stock of Shangfeng Cement has shown significant growth this year, with a year-to-date increase of 65.01%, indicating strong market performance and investor interest [1][2]. Company Overview - Shangfeng Cement Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on March 6, 1997. It was listed on December 18, 1996. The company primarily engages in the production and sale of cement, clinker, special cement, concrete, and aggregates [2]. - The revenue composition of Shangfeng Cement includes: cement (69.85%), clinker (16.78%), aggregates (6.20%), concrete (2.76%), environmental disposal (2.25%), other businesses (1.96%), and real estate (0.21%) [2]. - As of September 30, the number of shareholders is 41,700, a decrease of 9.24% from the previous period, with an average of 23,265 circulating shares per person, an increase of 10.18% [2]. Financial Performance - For the first half of 2025, Shangfeng Cement reported revenue of 2.272 billion yuan, a year-on-year decrease of 5.02%. However, the net profit attributable to shareholders increased by 44.53% to 247 million yuan [2]. - The company has distributed a total of 3.95 billion yuan in dividends since its A-share listing, with 1.318 billion yuan distributed in the last three years [3]. Stock Market Activity - On October 16, the stock price of Shangfeng Cement rose by 2.02%, reaching 11.60 yuan per share, with a trading volume of 99.42 million yuan and a turnover rate of 0.89%, resulting in a total market capitalization of 11.245 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on July 23, where it recorded a net purchase of 6.306 million yuan [1].