Financial Performance - The company's revenue for Q1 2024 was ¥1,274,953,953.46, a decrease of 34.75% compared to ¥1,953,814,351.04 in the same period last year[5] - The net profit attributable to shareholders was a loss of ¥9,360,870.15, representing a decline of 110.17% from a profit of ¥92,042,558.20 in the previous year[5] - Basic earnings per share were -¥0.0117, down 110.15% from ¥0.1153 in the previous year[5] - Net profit for Q1 2024 was a loss of CNY 18,392,946.20, compared to a profit of CNY 142,131,487.32 in Q1 2023[20] - The company reported a gross margin of -0.7% in Q1 2024, compared to 7.2% in Q1 2023[19] Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥47,930,258.69, a significant decrease of 1,028.82% compared to -¥4,246,037.87 in the same period last year[5] - Total cash inflow from operating activities was CNY 1,522,296,019.00, down from CNY 2,127,479,895.86 in the same period last year, reflecting a decrease of approximately 28.5%[22] - Cash outflow from operating activities totaled CNY 1,570,226,277.69, compared to CNY 2,131,725,933.73 in Q1 2023, representing a decrease of about 26.4%[22] - The ending cash and cash equivalents balance was CNY 3,150,314,939.02, a decrease from CNY 3,335,002,390.72 at the end of Q1 2023[23] - The company’s cash and cash equivalents decreased by CNY 154,490,485.96 in Q1 2024, compared to a decrease of CNY 464,483,355.43 in Q1 2023[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥16,535,047,740.20, a decrease of 2.74% from ¥17,000,406,894.99 at the end of the previous year[5] - Total liabilities decreased to CNY 6,146,900,801.19 from CNY 6,612,173,243.54, a reduction of 7.0%[18] - The company’s equity attributable to shareholders increased slightly to CNY 6,983,498,755.32 from CNY 6,978,913,582.45[18] Research and Development - Research and development expenses increased by 191.41% to ¥19,961,859.12, compared to ¥6,850,081.70 in the same period last year, indicating a focus on innovation[8] - Research and development expenses increased to CNY 19,961,859.12, up 191.5% from CNY 6,850,081.70 in the previous year[19] Shareholder Information - The total number of common stock shareholders at the end of the reporting period is 50,511[11] - Jiangxi Cement Co., Ltd. holds 43.58% of the shares, amounting to 347,480,004 shares[11] - The top 10 shareholders hold a combined total of 99.99% of the shares, indicating a high concentration of ownership[11] - The company has a total of 0 preferred shareholders at the end of the reporting period[11] Operational Performance - Total operating revenue for Q1 2024 was CNY 1,274,953,953.46, a decrease of 34.7% compared to CNY 1,953,814,351.04 in the same period last year[19] - Total operating costs for Q1 2024 were CNY 1,283,805,597.31, down 28.4% from CNY 1,791,133,202.67 year-on-year[19] - Cash received from sales of goods and services was CNY 1,403,408,301.85, a decrease of 29.0% from CNY 1,975,480,704.50 in the same period last year[21] Investment Activities - The company reported a significant increase in long-term equity investments, rising by 2,496.36% to ¥22,357,338.01 due to increased investment in WanHua Environmental[8] - Long-term equity investments increased significantly from ¥861,103.92 to ¥22.36 million, showing a substantial growth[16] - The net cash flow from investing activities was -CNY 61,550,087.66, an improvement from -CNY 224,266,355.23 year-over-year[22] - Cash inflow from investing activities was CNY 58,596,051.97, significantly higher than CNY 3,013,289.58 in Q1 2023[22] Other Information - The company has not disclosed any new product developments or market expansion strategies in this report[9] - The company has not reported any new product or technology developments in this quarter[12] - There are no significant changes in the shareholding structure due to margin trading activities among the top shareholders[13] - The company experienced a 328.17% decline in fair value gains, reporting -¥11,955,182.70 compared to a gain of ¥5,239,500.97 in the previous year[8]

| 证券代码：000789 | 证券简称：万年青 | 公告编号：2024-19 | | --- | --- | --- | | 债券代码：127017 | 债券简称：万青转债 | | | 债券代码：149876 | 债券简称：22 江泥 01 | | 江西万年青水泥股份有限公司 第九届董事会第十三次临时会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1.经与会董事签字的董事会决议； 2.深圳证券交易所要求的其他相关文件。 特此公告。 江西万年青水泥股份有限公司 会议应出席董事 9 名，实际出席董事 9 名，全体监事和部分高管列席了本次 会议。本次会议的召开符合有关法律、法规及《公司章程》的有关规定。 二、董事会会议审议情况 会议审议通过了《关于向下修正"万青转债"转股价格的议案》 具体内容详见随本公告同日披露的《关于向下修正"万青转债"转股价格的 公告》（公告编号：2024-20）。 表决结果：9 票同意、0 票反对、0 票弃权。本议案获得审议通过。 三、备查文件 公司第九届董事会第十三次临时会议通知于 2024 年 4 ...

国浩律师(南昌)事务所 法律意见书 国浩律师（南昌）事务所 关 于 江西万年青水泥股份有限公司 2023 年年度股东大会 之 法律意见书 | 一、本次股东大会的召集、召开程序 2 | | --- | | 二、出席会议人员的资格与召集人资格 3 | | 三、本次股东大会的表决程序 4 | | 四、结论 7 | 国浩律师(南昌)事务所 法律意见书 国浩律师（南昌）事务所 江西省南昌市红谷滩新区凤凰中大道 1115 号北京银行 22 楼 邮编：330038 22th Floor,Bank of Beijing,No. 1115 Phoenix Middle Avenue,Honggutan New Area,Nanchang,Jiangxi,330038,China 电话/Tel: +86 791 86598129 传真/Fax: +86 791 86598050 网址/Website:http://www.grandall.com.cn 二〇二四年四月 本次股东大会召开现场会议，采用现场表决和网络投票相结合的方式表决。 国浩律师(南昌)事务所 法律意见书 关于江西万年青水泥股份有限公司 2023 年年度股东大会之 ...

| 证券代码：000789 | 证券简称：万年青 | 公告编号：2024-18 | | --- | --- | --- | | 债券代码：127017 | 债券简称：万青转债 | | | 债券代码：149876 | 债券简称：22 江泥 01 | | 江西万年青水泥股份有限公司 2023年年度股东大会决议公告 4、会议方式：现场投票与网络投票相结合； 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。 特别提示： 本次股东大会没有增加、否决或变更提案。 一、会议召开情况 1、会议召集人：江西万年青水泥股份有限公司董事会； 2、会议时间：⑴现场会议召开时间：2024年4月19日14:30； ⑵网络投票时间： 通过深圳证券交易所互联网投票系统投票的时间：2024年4月19日9:15至15:00期 间的任意时间； 通过深圳证券交易所交易系统进行网络投票的时间为：2024年4月19日 9:15-9:25,9:30-11:30,13:00-15:00； 3、现场会议地点：江西省南昌市高新技术开发区京东大道399号万年青科技园公 司二楼205室会议室; 5、主持人：董事长陈文 ...

| 证券代码：000789 | 证券简称：万年青 | 公告编号：2024-20 | | --- | --- | --- | | 债券代码：127017 | 债券简称：万青转债 | | | 债券代码：149876 | 债券简称：22 江泥 01 | | 江西万年青水泥股份有限公司 关于向下修正"万青转债"转股价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、债券代码：127017，债券简称：万青转债； 2、修正前转股价格：12.40元/股； 3、修正后转股价格：8.76元/股； 4、修正后转股价格生效日期：2024年4月22日。 一、可转债上市发行情况 1.可转债发行情况 经中国证券监督管理委员会证监许可〔2020〕601号文核准，公 司于2020年6月3日公开发行了10,000,000张可转换公司债券，每张面 值100元，发行总额100,000万元。本次发行的可转换公司债券全额向 股权登记日收市后登记在册的发行人原股东优先配售，优先配售后余 额部分（含原股东放弃优先配售部分）采用网上向社会公众投资者通 过深交所交易系统发售的方式进行。 ...

深 圳 证 券 交 易 所 关于对江西万年青水泥股份有限公司的监管函 公司部监管函〔2024〕第 号 等相关规定，真实、准确、完整、及时、公平地履行信息披露义 务。 特此函告 深圳证券交易所 上市公司管理一部 2024 年 4 月 8 日 2 你公司未在预计触发转股价格修正条件的 5 个交易日前及 时披露提示性公告，未在触发转股价格修正条件次一交易日开市 前披露修正或者不修正可转债转股价格的提示性公告，违反了本 所《股票上市规则（2023 年 8 月修订）》第 1.4 条、第 2.1.1 条 及《上市公司自律监管指引第 15 号——可转换公司债券》第十 五条的规定。本所希望你公司及全体董事、监事、高级管理人员 认真吸取教训，及时整改，杜绝上述问题的再次发生。 同时，提醒你公司及全体董事、监事、高级管理人员严格遵 守《证券法》《公司法》等法律法规以及本所《股票上市规则》 1 江西万年青水泥股份有限公司董事会： 经查，你公司发行的万青转债前期已存在触发《公开发行可 转换公司债券募集说明书》中规定的转股价格修正条件的情形， 你公司于 2024 年 3 月 28 日披露《关于董事会提议向下修正"万 青转债"转股价格的 ...

| 公告编号：2024-16 | | --- | | 证券简称：万年青 | | 证券代码：000789 | 债券代码：127017 债券简称：万青转债 债券代码：149876 债券简称：22江泥01 江西万年青水泥股份有限公司 2024 年第一季度可转换公司债券转股情况公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 股票代码：000789；股票简称：万年青 债券代码：127017；债券简称：万青转债 转股价格：人民币 12.40 元/股 转股时间：2020 年 12 月 9 日至 2026 年 6 月 2 日 根据《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15号——可转换公司债券》的有关规定，江西万年 青水泥股份有限公司（以下简称"公司"）现将2024年第一季度可转 换公司债券（以下简称"可转债"或"万青转债"）转股及公司股份 变动情况公告如下： 一、可转债发行上市情况 经中国证券监督管理委员会《关于核准江西万年青水泥股份有限 公司公开发行可转换公司债券的批复》（证监许可〔2020〕601号） 核准，公司于2020 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.20 CNY, based on a 18x PE for 2024 [4][13]. Core Views - The company achieved a total revenue of 8.19 billion CNY and a net profit attributable to shareholders of 228.59 million CNY in 2023, representing a year-on-year decline of 27.40% and 41.10% respectively [4][12]. - The company’s cash dividend for 2023 was 72 million CNY, with a dividend payout ratio of 31%, resulting in a current dividend yield of 1.43% [4][12]. - The company is focusing on the "Cement+" development strategy, which aims to extend its industrial chain while maintaining its core cement business [4][11]. Financial Performance - The company reported a gross margin of 18.43% for 2023, an increase of 0.95 percentage points year-on-year, primarily due to a higher proportion of higher-margin concrete and aggregate businesses [3][10]. - The company’s net profit margin for 2023 was 3.85%, down 1.33 percentage points year-on-year [3][10]. - The company’s total assets decreased from 18.22 billion CNY in 2022 to 17.00 billion CNY in 2023 [21]. Market Dynamics - The company’s sales market is primarily in Jiangxi, where infrastructure investment increased by 19.1% year-on-year in 2023, supporting cement demand despite an 8.02% decline in cement production due to real estate sector challenges [2][9]. - The company’s cement sales grew by 1% to 21.37 million tons, with an expected increase in market share [2][9]. - The average selling price of cement decreased by 12 CNY per ton, leading to a 17% decline in cement business revenue to 5.22 billion CNY [2][9]. Future Outlook - The company’s net profit forecasts for 2024 and 2025 have been revised down to 319 million CNY and 371 million CNY respectively, from previous estimates of 773 million CNY and 898 million CNY [4][12]. - The company aims to enhance its cost advantages through modern logistics development and partnerships with major coal enterprises, as well as expanding into photovoltaic power generation projects [3][4].

Financial Performance - The company's operating revenue for 2023 was ¥8,190,156,792.24, a decrease of 27.40% compared to ¥11,281,628,119.23 in 2022[22]. - The net profit attributable to shareholders for 2023 was ¥228,590,313.38, down 41.17% from ¥388,130,710.02 in 2022[22]. - The net cash flow from operating activities decreased by 9.71% to ¥763,276,382.63 in 2023 from ¥845,319,624.06 in 2022[22]. - The total assets at the end of 2023 were ¥17,000,406,894.99, reflecting a decrease of 6.85% from ¥18,218,860,252.05 at the end of 2022[23]. - The net assets attributable to shareholders increased slightly by 0.49% to ¥6,978,913,582.45 at the end of 2023 compared to ¥6,944,402,128.76 at the end of 2022[23]. - The basic earnings per share for 2023 were ¥0.2867, a decline of 41.17% from ¥0.4867 in 2022[22]. - The diluted earnings per share for 2023 were ¥0.2936, down 38.28% from ¥0.4752 in 2022[22]. - The company reported a total of ¥46,760,975.46 in non-recurring gains for 2023, compared to ¥31,478,376.36 in 2022[29]. - The company experienced a significant drop in quarterly net profit in Q4 2023, reporting a loss of ¥80,276,466.05[27]. - The company sold 21.37 million tons of cement, 6.36 million cubic meters of ready-mixed concrete, and 12.96 million tons of aggregates, achieving a revenue of 8.19 billion yuan and a net profit of 315 million yuan, with a net profit attributable to shareholders of 229 million yuan[34]. Market Conditions - In 2023, the national cement production decreased to 2.023 billion tons, a year-on-year decline of 0.7%, with the industry's total profit dropping to approximately 32 billion yuan, a decrease of about 50% year-on-year[35]. - The overall cement market demand has been declining for three consecutive years, with strict production regulations impacting sales[35]. - National real estate development investment declined by 9.6% year-on-year in 2023, continuing to drag down cement demand[50]. - The company is optimistic about the demand for cement due to ongoing infrastructure projects, despite challenges in the real estate sector[90]. Environmental Initiatives - The company actively responded to national policies on energy conservation and emission reduction, achieving a reduction in clinker carbon emissions intensity by approximately 3.0 kg/T, resulting in a decrease of about 46,000 tons of carbon emissions[40]. - The company has invested in green manufacturing, achieving a total photovoltaic installed capacity of 21.3 MW, generating 16.21 million kWh of electricity, which is equivalent to saving approximately 5,200 tons of standard coal and reducing carbon emissions by 13,500 tons[54]. - The company is committed to carbon neutrality and is increasing investments in energy-saving and environmental protection initiatives[97]. - The company has established emergency response plans for environmental incidents and conducts regular drills to ensure compliance with national regulations[155]. Corporate Governance - The company’s financial report has been confirmed as true, accurate, and complete by its management, ensuring accountability for the information presented[4]. - The company’s board of directors has approved the annual report, with most directors present at the meeting[4]. - The board of directors consists of 9 members, including 3 independent directors, and has held 6 meetings during the reporting period, passing 38 resolutions unanimously[103]. - The company maintains an independent financial accounting system and management structure, ensuring no overlap with the controlling shareholder's operations[108]. - The company has established a comprehensive information disclosure system, ensuring timely and accurate communication with shareholders[105]. Shareholder Engagement - The company has conducted 2 shareholder meetings during the reporting period, passing 12 key resolutions including profit distribution and annual reports[102]. - The annual shareholders meeting had a participation rate of 44.80% on May 9, 2023, and the first extraordinary shareholders meeting had a participation rate of 45.61% on December 28, 2023[109]. - The company is committed to enhancing shareholder engagement, as evidenced by the high participation rates in its recent shareholder meetings[109]. Future Outlook - The company plans to focus on improving marketing quality and maintaining market share in 2024[90]. - The company aims to accelerate its transition towards a green and low-carbon model, aligning with national environmental goals[169]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 200 million RMB allocated for potential deals[120]. - The company plans to expand its market presence through strategic partnerships and acquisitions[188].

江西万年青水泥股份有限公司 董事会审计委员会 2024 年 3 月 25 日 江西万年青水泥股份有限公司 董事会审计委员会关于公司计提资产减值准备的合理性说明 根据《深圳证券交易所股票上市规则》《企业会计准则第 8 号— 资产减值》《上市公司自律监管指引第 1 号——主板上市公司规范运 作》《公司章程》等相关文件规定，江西万年青水泥股份有限公司（以 下简称"公司"）已就 2023 年末对部分固定资产及商誉存在的减值 事宜提供了详细的资料，并就有关内容作出充分的说明。我们作为公 司董事会审计委员会委员，通过对公司本次计提资产减值准备相关材 料的认真审查，对公司此次计提资产减值准备合理性说明如下： 公司结合资产及经营的实际情况计提减值准备，以第三方资产评 估机构出具的评估报告为计提依据，符合会计谨慎性原则。本次计提 资产减值准备后，财务报表能够更加公允地反映公司的财务状况、资 产价值及经营成果，有助于提供更加真实、可靠、准确的会计信息。 因此，我们同意公司本次计提资产减值准备事项并同意提交董事会审 议批准。 ...