Financial Performance - The company's operating revenue for 2024 was CNY 5,448,297,549.15, a decrease of 14.83% compared to CNY 6,397,089,370.81 in 2023[23]. - The net profit attributable to shareholders for 2024 was CNY 627,453,454.43, down 15.70% from CNY 744,285,615.64 in 2023[23]. - The net profit after deducting non-recurring gains and losses was CNY 474,149,598.36, a decline of 25.26% from CNY 634,386,573.37 in the previous year[23]. - The cash flow from operating activities for 2024 was CNY 1,039,204,911.95, a decrease of 6.94% compared to CNY 1,116,757,556.67 in 2023[23]. - Basic earnings per share for 2024 were CNY 0.66, down 15.26% from CNY 0.78 in 2023[23]. - Total assets at the end of 2024 were CNY 17,577,856,929.22, a decrease of 1.94% from CNY 17,924,743,679.09 at the end of 2023[23]. - The net assets attributable to shareholders at the end of 2024 were CNY 8,948,861,025.58, an increase of 1.24% from CNY 8,839,507,428.96 at the end of 2023[23]. - The company reported a weighted average return on equity of 7.09% for 2024, down from 8.66% in 2023[23]. Dividend Policy - The company plans to distribute a cash dividend of 6.30 RMB per 10 shares to all shareholders, based on a total of 953,407,510 shares[3]. - The company has cumulatively distributed approximately 3.819 billion RMB in dividends since its restructuring in 2013, with cash dividends amounting to 3.345 billion RMB[128]. - The new dividend policy for 2024-2026 stipulates that annual cash dividends will not be less than 35% of the net profit attributable to shareholders, with a minimum of 400 million RMB each year[128]. - The total cash dividend for 2024 is planned to be 6.30 CNY per 10 shares, amounting to 600,646,731.30 CNY (including tax)[188]. Market and Product Performance - In 2024, the company's main products, cement and clinker, sold 20.75 million tons, a decrease of 3.30% year-on-year, with revenue of 5.448 billion yuan, down 14.83% year-on-year[34]. - The average selling price of cement decreased to 262.67 yuan per ton in 2024 from 284.77 yuan per ton in 2023, reflecting a significant price drop[35]. - The company experienced a decline in quarterly revenue, with the fourth quarter revenue at CNY 1,632,807,560.60, compared to CNY 1,483,251,819.32 in the second quarter[27]. - The sales volume of clinker decreased by 9.91% to 420.95 million tons, while production volume fell by 4.40% to 1,515.99 million tons[74]. - The sales volume of cement slightly decreased by 1.46% to 1,653.64 million tons, with production volume also down by 1.65% to 1,659.22 million tons[74]. Cost Management and Efficiency - The company achieved a reduction in clinker energy costs by 2.12 yuan per ton compared to the previous year, contributing to cost control efforts[48]. - The raw material cost for cement increased by 6.55% year-on-year, reaching CNY 547,029,480.09, while fuel and power costs decreased by 7.50%[78]. - The raw material cost for clinker rose by 9.78% to CNY 80,991,581.92, while fuel and power costs decreased by 16.55%[78]. - The gross margin for aggregate sales was 66.15%, a decrease of 4.57 percentage points, primarily due to market changes in the Yangtze River and Northwest regions[48]. Research and Development - The number of R&D personnel increased to 250 in 2024, a rise of 145.11% compared to 102 in 2023[90]. - R&D investment amounted to ¥125,885,018.79 in 2024, a decrease of 14.73% from ¥147,636,769.99 in 2023[91]. - The company is investing in new technology development, allocating $50 million towards R&D initiatives[117]. - The company aims to enhance the market competitiveness of its cement products through technological advancements and cost reductions[84]. Environmental and Sustainability Initiatives - The company is focusing on enhancing the production and sales capabilities of finely processed aggregates in response to regional market changes[48]. - The company is actively promoting industrial upgrades and sustainable development in line with environmental policies and regulations[43]. - The company aims to reduce SO2 emissions to below 50 mg/Nm³, achieving a resource recovery rate of over 80% through its hazardous waste preheating technology[83]. - The company is classified as a key pollutant discharge unit by environmental protection authorities, indicating a commitment to environmental regulations[200]. Governance and Compliance - The company emphasizes the importance of accurate financial reporting and has ensured that all board members attended the meeting to review the annual report[3]. - The company has established a relatively complete corporate governance structure and an effective internal control system, ensuring the normal operation of management and development[177]. - The company emphasizes transparent communication with investors, planning regular performance briefings and analyst meetings to foster positive interactions[130]. - The company operates independently from its controlling shareholders, ensuring separation in business, personnel, assets, institutions, and finances[143].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 951.30 million, an increase of 4.64% compared to CNY 909.08 million in the same period last year[5]. - Net profit attributable to shareholders reached CNY 79.93 million, a significant increase of 447.61% from CNY 14.60 million year-on-year[5]. - The net cash flow from operating activities surged to CNY 84.28 million, reflecting a remarkable growth of 686.27% compared to CNY 10.72 million in the previous year[5]. - The gross profit margin improved to 27.41%, up by 5.05 percentage points from the previous year, driven by a decrease in manufacturing costs[9]. - Total operating revenue for the current period reached ¥951,300,474.75, an increase of 4.9% compared to ¥909,084,583.66 in the previous period[31]. - Net profit for the current period was ¥69,291,554.24, a significant recovery from a net loss of ¥20,522,379.54 in the previous period[31]. - The company reported a basic earnings per share of ¥0.09, up from ¥0.02 in the previous period[32]. - The total comprehensive income for the current period was ¥68,742,522.85, recovering from a loss of ¥20,386,903.52 in the previous period[32]. Cash Flow and Investments - The cash flow from investing activities was negative at CNY -109.37 million, primarily due to expenditures on engineering projects and new economic equity investments[20]. - The company’s cash inflow from investment activities was ¥483,438,702.74, compared to ¥275,612,129.52 in the previous period, indicating a substantial increase[33]. - The net cash flow from financing activities was -414,229,733.61, a decrease from 442,551,229.68 in the previous period, indicating a significant decline in financing performance[34]. - Total cash inflows from financing activities amounted to 1,073,973,757.38, down from 2,121,429,823.88, reflecting a 49.3% decrease year-over-year[34]. - Cash outflows from financing activities totaled 1,488,203,490.99, compared to 1,678,878,594.20 in the previous period, showing a reduction of 11.4%[34]. - The ending balance of cash and cash equivalents was 684,560,879.60, a significant drop from 2,388,276,291.32 in the prior period, representing a decrease of 71.3%[34]. - The company received 455,000,000.00 in borrowed funds, down from 1,248,740,000.00, indicating a 63.6% decline in new borrowings[34]. - Cash received from other financing activities was 548,973,757.38, compared to 872,689,823.88, marking a decrease of 37.0%[34]. - The company paid 684,755,206.86 in debt repayments, which is an increase from 541,010,372.00, reflecting a rise of 26.5%[34]. - The company distributed dividends and interest payments totaling 32,716,790.68, slightly down from 38,752,323.59, indicating a decrease of 15.6%[34]. Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 17.20 billion, a decrease of 2.12% from CNY 17.58 billion at the end of the previous year[5]. - Total current assets decreased from ¥6,224,311,823.01 to ¥5,899,769,298.59[28]. - Total assets decreased from ¥17,577,856,929.22 to ¥17,204,673,330.27[28]. - Total liabilities decreased to ¥7,416,051,297.64 from ¥7,922,785,062.95 at the beginning of the period, reflecting a reduction of approximately 6.4%[29]. - The company’s asset-liability ratio decreased to 43.10%, down by 1.97 percentage points from the beginning of the year, indicating improved financial stability[13]. - The total equity attributable to shareholders increased to ¥9,028,950,103.37 from ¥8,948,861,025.58, marking a growth of 0.9%[29]. - Short-term borrowings decreased from ¥1,566,330,689.00 to ¥1,345,655,330.95[28]. - Total non-current assets decreased from ¥11,353,545,106.21 to ¥11,304,904,031.68[28]. - Cash and cash equivalents at the end of the period amount to ¥2,422,659,172.10, down from ¥2,671,756,512.29 at the beginning of the period[28]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 41,810[23]. - Zhejiang Shangfeng Holding Group Co., Ltd. holds 31.15% of shares, totaling 301,975,579 shares, with 52,000,000 shares pledged[23]. Other Financial Information - The company reported a significant increase in investment income and fair value changes, contributing to the overall performance improvement[9]. - Other income decreased year-on-year, primarily due to a decline in government subsidies[24]. - Investment income decreased year-on-year, mainly due to reduced earnings from certain associated companies[24]. - The impact of exchange rate changes on cash and cash equivalents was -451.03, a minor change compared to -9.53 in the previous period[34]. - The first quarter report was not audited, which may affect the reliability of the financial data presented[35]. - The company has not disclosed any significant new strategies or mergers and acquisitions during the reporting period[26]. - Management expenses decreased by 19.47% year-on-year, reflecting improved operational efficiency[15]. - The average selling price of cement products increased compared to the previous year, contributing to the revenue growth despite a decline in operating costs[15].

上峰水泥（000672）公告，2025年第一季度营业收入9.51亿元，同比增长4.64%。净利润7993.43万元， 同比增长447.61%。 ...

国泰海通主要观点如下： 水泥需求下滑幅度进入放缓区间行业盈利就有望改善需要达成合意错峰天数，实现供给侧优化的累积与 下滑的需求匹配。如需求下降较快，合意天数达成难度大，现需求弱降甚至单月正增长有助于合意天数 的达成进而对价格形成更强的支撑。 投资建议 国泰海通发布研报称，3月以来华东和华南磨机开工率保持正增长，3月初至4月10日华东、华南平均磨 机开工率分别为63%、62%，较2024年同期的55%、51%有明显提升；沿江熟料库存保持在40%以下的 低位，水泥需求正增长的确信度高。从微观角度看，卓创等数据统计的样本(多为大企业)磨机开工率表 征的需求更佳，海螺水泥（600585）一季度销量优于行业实现正增长，考虑到大企业在大型基建项目中 份额更高，微观数据亦可验证基建是需求增长的抓手。 磨机开工率、库存印证数据可靠性高，3月水泥需求正增长 从卓创磨机开工率、库存可验证需求数据的可靠性：3月以来华东和华南磨机开工率保持正增长，3月初 至4月10日华东、华南平均磨机开工率分别为63%、62%，较2024年同期的55%、51%有明显提升；沿江 熟料库存保持在40%以下的低位，水泥需求正增长的确信度高。自2021下半 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 重要内容提示： 本次业绩说明会以网络及电话会议方式召开，公司将针对2024年度暨2025年第一季度经营成果、财务指 标等具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回 答。 俞 锋 董事长兼总裁；瞿 辉 党委书记、董事、副总裁兼董事会秘书； 李 琛 独立董事； 李必华 财务副总监。 （一）为了做好中小投资者的保护工作，公司现就本次业绩说明会提前向投资者征集相关问题，广泛听 取投资者的意见和建议。 ■ 五、联系人及咨询办法 联系人：杨旭 电话：0571一56030516 邮箱：yangxu021@126.com 六、其他事项 本次业绩说明会召开后，公司将及时编制投资者关系活动记录表并对外披露，投资者也可以通过价值在 线（www.ir-online.cn）查看本次业绩说明会的召开情况及主要内容。 特此公告。 （如有特殊情况，参会人员可能进行调整） 四、投资者问题征集及参加方式 二、说明会召开的时间、地点 （一）会议召开时间：20 ...

证券代码：000672 证券简称：上峰水泥 公告编号：2025-021 甘肃上峰水泥股份有限公司 关于召开2024年度暨2025年第一季度业绩说明会的公告 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。 重要内容提示： 投资者可于2025年4月28日（星期一）12:00前将相关问题通过访问网址： https://eseb.cn/1nvXYR4ezjG或者使用微信扫描下方二维码在报名时进行会前提 问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问 题进行回答。 一、说明会类型 本次业绩说明会以网络及电话会议方式召开，公司将针对2024年度暨2025 年第一季度经营成果、财务指标等具体情况与投资者进行互动交流和沟通，在信 息披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025年4月28日（星期一）下午15:00-17:00 （二）会议召开地点：价值在线（www.ir-online.cn） （三）会议召开方式：网络及电话会议方式 三、参加人员 会议召开时间：2025年4月28日（星期一）下午1 ...

Investment Rating - The report indicates a positive outlook for the real estate sector, emphasizing its role in boosting domestic demand and stabilizing the market [1][12]. Core Insights - The real estate market is transitioning back to its residential function, with significant declines in new home sales and construction activities projected for 2022-2024 [1][12]. - The implementation of new policies on May 17, 2024, aims to support the real estate market, including adjustments to loan rates and down payment requirements [1][12]. - Infrastructure projects are also highlighted as key drivers of domestic demand, particularly in regions like Xinjiang and Guangxi, with significant investments underway [2][13]. - The "Belt and Road" initiative remains a focal point for international expansion, with ongoing collaborations between China and Vietnam to enhance infrastructure connectivity [2][13]. Summary by Sections Weekly Discussion - The report discusses the importance of real estate in stimulating domestic demand, noting a shift towards residential needs and a significant drop in key market indicators [1][12]. - It highlights the recent government meetings aimed at stabilizing the real estate market and the potential impact of new policies on housing loans [1][12]. Cyclical Linkage - Cement prices have shown a year-on-year increase, with the national average price at 395 RMB/t, while glass prices have also seen slight increases [3][14]. - The report notes a stable demand for aluminum and steel, with expectations for continued high supply levels [3][14]. National Subsidy Tracking - Various regions have successfully implemented consumer subsidies, such as Shanghai's 1.8 billion RMB for home appliance upgrades, significantly boosting sales [4][15]. - The report suggests focusing on companies related to subsidized products in the construction materials sector [4][15]. Important Developments - The report mentions the strengthening of the strategic partnership between China and Vietnam, along with significant stock purchases by major shareholders in various companies [5][16]. - It emphasizes the government's commitment to stabilizing the stock market and supporting the real estate sector [5][16]. Market Performance (April 14-18) - The construction materials index experienced a slight decline, with specific segments like refractory materials and pipes performing better than others [17]. Construction Material Price Changes - Cement prices have slightly decreased in certain regions, while glass prices have shown minor increases, indicating a mixed market response [29][39]. - The report provides detailed statistics on the pricing trends and inventory levels for various construction materials [29][39].

Group 1 - The company, Shangfeng Cement, announced that it received a confirmation letter from China Securities Depository and Clearing Corporation Limited Shenzhen Branch regarding the transfer of 13.3342 million shares to its third employee stock ownership plan account [1] - As of the announcement date, the third employee stock ownership plan account holds 13.3342 million shares, representing 1.3755% of the company's total share capital [1]

证券代码：000672 证券简称：上峰水泥 公告编号：2025-020 甘肃上峰水泥股份有限公司 关于第三期员工持股计划完成非交易过户的公告 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。 甘肃上峰水泥股份有限公司（以下简称"公司"）分别于 2024 年 4 月 23 日 召开的第十届董事会第二十七次会议和 2024 年 5 月 16 日召开的 2023 年度股东 大会审议通过了《公司第三期员工持股计划（草案）及摘要》等相关议案，同意 公司实施第三期员工持股计划，并授权董事会全权办理与本次员工持股计划相关 的事宜。具体内容详见公司于 2024 年 4 月 25 日和 2024 年 5 月 17 日在《中国证 券报》、《证券时报》、《证券日报》和巨潮资讯网（www.cninfo.com.cn）披露的 相关公告。 根据《公司第三期员工持股计划》相关要求，第三期员工持股计划的存续期 为 36 个月，自公司公告标的股票非交易过户至第三期员工持股计划名下之日（即 2025 年 4 月 16 日）起算。第三期员工持股计划所持有的股票锁定期为 12 个月， 自公司公告标的股 ...

——以战略眼光布局国产替代，打造半导体产业生态新标杆 经过多年精心布局，上峰水泥先后投资了晶合集成、广州粤芯、长鑫存储、先导电科、昂瑞微、中润光 能、上海超硅、盛合晶微、芯耀辉、壹能科技等二十余家优质企业，累计投入超17亿元，覆盖"设计-制 造-封测-材料"的半导体全产业链，形成"产投融合"的生态闭环。 明星项目矩阵：技术壁垒与市场价值双轮驱动 上峰水泥的投资策略以"精准、高效、协同"为核心，已落地的半导体项目兼具技术壁垒与市场潜力。 （一）长鑫存储：DRAM国产突围先锋 长鑫存储是国内DRAM领域的龙头企业，填补了国产高端存储芯片的空白。自成立以来，专注于技术创 新和自主研发，已建成先进的存储器晶圆制造基地，并实现了17nm工艺的量产。 （二）昂瑞微：5G射频前端隐形冠军 2025年，全球半导体产业在中美"对等关税"政策震荡中深度重构。关税压力催生的"替代经济学"正在重 塑全球供应链，上峰水泥以前瞻性战略切入半导体赛道，多年布局正迎来收获期，以高效投资和精准标 的选择成为传统产业跨界科技的标杆样本。 响应国家战略的"双轮驱动" 2019年，美国以"国家安全"为由，禁止向华为等中国公司提供芯片，导致中国的科技 ...