Core Insights - Tianshan Co., Ltd. reported a narrowing loss in its 2025 mid-year financial results, with significant goodwill on its balance sheet [1] - The company's total operating revenue decreased by 9.4% year-on-year to 35.98 billion yuan, while the net profit attributable to shareholders improved by 72.99% to -922 million yuan [1] Financial Performance - Total operating revenue for 2025 mid-year: 35.98 billion yuan, down 9.4% from 2024 [1] - Net profit attributable to shareholders: -922 million yuan, an improvement of 72.99% year-on-year [1] - Gross margin: 18.54%, up 62.74% year-on-year [1] - Net margin: -2.69%, an increase of 71.38% year-on-year [1] - Total expenses (selling, administrative, and financial): 5.724 billion yuan, accounting for 15.91% of revenue, up 1.76% year-on-year [1] - Earnings per share: -0.13 yuan, an increase of 67.11% year-on-year [1] Cash Flow and Debt - Net cash flow from financing activities decreased by 33.39% due to a decline in loan inflows [3] - Net increase in cash and cash equivalents rose by 59.23% due to increased net cash flow [4] - Investment income increased by 144.63% due to profits from joint ventures [5] - Interest-bearing liabilities rose by 3.67% to 122.604 billion yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 1.27%, indicating weak capital returns [8] - Historical data shows a median ROIC of 4.86% over the past decade, with three years of losses since its IPO [8] - The business model relies heavily on R&D and marketing, necessitating further investigation into these drivers [8] Fund Holdings - The largest fund holding Tianshan shares is the Guotai Zhongzheng All-Index Building Materials ETF, with 3.1391 million shares [9] - The fund's current scale is 502 million yuan, with a recent net value of 0.6431, reflecting a 0.31% decline from the previous trading day [9]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 8.55 [6][8]. Core Views - The company reported a revenue of RMB 35.98 billion in 1H25, a year-on-year decrease of 9.4%, but achieved a net profit of RMB 0.572 billion in Q2, marking a significant turnaround from a loss of RMB 1.49 billion in the same period last year [1][2]. - The company is expected to benefit from the acceleration of key infrastructure projects and the ongoing "anti-involution" measures in the cement industry, which are anticipated to improve pricing and demand dynamics [1][4]. Summary by Sections Financial Performance - In 1H25, the company's cement clinker sales decreased by 14.6% year-on-year to 90.52 million tons, which is a larger decline than the national average of 4.3% [2]. - The average price per ton of cement clinker was RMB 251, with a gross profit of RMB 48 per ton, reflecting a year-on-year increase of RMB 13 and RMB 27 respectively [2]. - The company achieved a gross profit margin of 39.9% in its overseas business, which is significantly higher than its domestic operations [3]. Market Dynamics - The national cement production in 1H25 was 815 million tons, down 4.3% year-on-year, while the average price increased by 5.4% [4]. - The government has emphasized the need to regulate excessive competition and production in the cement industry, which is expected to lead to improved pricing stability [4]. Future Outlook - The company has announced a dividend policy for 2025-2027, committing to distribute at least 50% of its distributable profits as cash dividends, which is consistent with previous years' payout ratios [3]. - The company is projected to achieve earnings per share (EPS) of RMB 0.25, 0.30, and 0.35 for the years 2025, 2026, and 2027 respectively [5].

Company Performance - In the first half of 2025, Tianshan Co. reported operating revenue of 35.98 billion, a year-on-year decrease of 9.4% [1] - The company experienced a net loss of 0.922 billion, which represents a reduction in losses compared to the previous year [1] - Cement sales reached 80.62 million tons, down 14.63% year-on-year, while clinker sales were 9.9 million tons, down 14.59% [1] Cost Management - Tianshan Co. implemented significant cost control measures, benefiting from a decrease in coal prices, which led to a substantial reduction in production costs for cement and commercial concrete [1] - The company reported improvements in cement sales prices and gross profit margins year-on-year due to price recovery and cost optimization efforts [1] Industry Context - The national cement market demand continued to shrink in the first half of the year, primarily due to a deep adjustment in the real estate market [2] - The commercial concrete industry saw a total profit decline of 26.4% compared to the previous year, although the decline rate narrowed compared to earlier months [2] - Tianshan Co. acknowledged the complex competitive landscape and the impact of declining water demand on operational performance [2] Strategic Initiatives - The company plans to deepen supply-side structural reforms and promote healthy development within the industry [2] - Tianshan Co. aims to enhance its e-commerce platform "Jucaitong" and develop special cement products to seek new growth opportunities [2] - The company will optimize procurement strategies and strengthen supply chain management to address challenges related to raw material price fluctuations and fixed cost increases [3] Market Outlook - The industry is expected to face continued downward pressure on demand, with profitability largely dependent on supply changes and the execution of supply-side policies [3] - If companies adhere to production capacity regulations, there is potential for a significant reduction in supply and an increase in capacity utilization rates from 53% to around 70% [3]

Core Insights - The company reported a significant increase in revenue for the first half of 2025, reaching 5 billion, which represents a 20% growth compared to the same period in 2024 [1] - Net profit for the first half of 2025 was reported at 1 billion, marking a 15% increase year-on-year [1] - The company has expanded its market share in the construction materials sector, driven by increased demand and strategic partnerships [1] Financial Performance - Total revenue for the first half of 2025 was 5 billion, up from 4.17 billion in the first half of 2024 [1] - Net profit increased to 1 billion from 870 million in the same period last year [1] - The gross margin improved to 30% from 28% year-on-year, indicating better cost management and pricing strategies [1] Market Position - The company has successfully increased its market share in the construction materials industry, attributed to a 25% rise in sales volume [1] - Strategic partnerships with key players in the industry have enhanced the company's distribution network and product offerings [1] - The company is well-positioned to capitalize on the ongoing infrastructure projects and government initiatives aimed at boosting construction activities [1]

（文章来源：证券日报） 证券日报网讯 8月18日晚间，天山股份发布公告称，公司第九届董事会第六次会议审议通过了《关于计 提资产减值准备的议案》等多项议案。 ...

Group 1 - The core viewpoint of the article is that Tianshan Co., Ltd. (000877.SZ) reported a decline in sales and revenue for the first half of 2025, aligning with industry trends [1] - The company sold 80.62 million tons of cement, a year-on-year decrease of 14.63% [1] - The sales of clinker reached 9.90 million tons, down 14.59% year-on-year [1] - The sales of ready-mixed concrete were 34.16 million cubic meters, showing a slight decline of 0.29% [1] - The sales of aggregates totaled 57.68 million tons, down 2.86% year-on-year [1] Group 2 - The company achieved an operating revenue of 35.98 billion yuan, a year-on-year decrease of 9.40% [1] - The net profit attributable to shareholders of the listed company was -0.922 billion yuan, which represents a year-on-year increase of 72.99% [1]

Group 1 - The core viewpoint of the article is that Tianshan Co., Ltd. reported a decline in revenue and a significant net loss for the first half of 2025 [1] Group 2 - The company achieved an operating income of 35.98 billion yuan, representing a year-on-year decrease of 9.40% [1] - The net loss attributable to shareholders of the listed company was 922 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 1.083 billion yuan, with a basic loss per share of 0.1296 yuan [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 附註： 天山材料之主要會計數據及財務指標 單位：元 幣種：人民幣 公告 天山材料截至二零二五年六月三十日止六個月 之主要會計數據和財務指標 本報告期比上年 中國建材股份有限公司（「本公司」）董事會謹請其股東及公眾投資者留意以下天山材料股份有限公 司（「天山材料」）截至二零二五年六月三十日止六個月之主要會計數據和財務指標。 | | | 上年同期 | | 同期增減 (%) | | --- | --- | --- | --- | --- | | | 本報告期 | 調整前 | 調整後 | 調整後 | | 營業收入 | 35,979,500,657.39 | 39,699,366,083.32 | 39,713,055,486.82 | -9.40 | | 歸屬於天山材料股東的 | | | | | | 淨利潤 | -921,760,916.27 | -3,413,688,995.56 | -3,413,176,0 ...

Core Viewpoint - Tianshan Co., Ltd. reported a significant reduction in losses for the first half of 2025, achieving a net profit of -0.922 billion yuan, a 72.99% improvement year-on-year, despite ongoing challenges in the cement industry due to declining demand and cost pressures [1] Financial Performance - The company achieved operating revenue of 35.98 billion yuan, with a year-on-year decrease of 9.40% [1] - Operating costs decreased by 16.71%, indicating effective cost management strategies [2] - The net cash flow from operating activities was 1.943 billion yuan, a 27.30% increase year-on-year, providing a buffer for strategic adjustments [3] Cost Management - The cost of cement clinker decreased by 20.14%, while the cost of ready-mixed concrete fell by 9.96% [2] - The company implemented various procurement strategies, including centralized purchasing and direct sourcing, to drive down costs [2] - The company reported a reduction in sales, management, and financial expenses by 3.39%, 8.63%, and 7.90% respectively [3] International Expansion - Tianshan Co., Ltd. accelerated its internationalization, with overseas revenue increasing by 72.49% year-on-year [3] - The gross margin for overseas business reached 39.90%, significantly higher than domestic operations, highlighting the profitability of its international strategy [3] Green Transformation - The company is focusing on a comprehensive carbon reduction system, achieving a reduction of 122.94 million tons of CO2 through raw material substitution and 153.43 million tons through fuel substitution [4] - Tianshan Co., Ltd. has launched 58 solar projects with a total installed capacity of 176,320 kW, contributing to its green energy initiatives [4] - The company has established a full-chain carbon reduction system, positioning itself advantageously in the low-carbon economy [5] Technological Innovation - The company’s Akesu Tianshan Cement facility has implemented a biomass fuel production line, significantly reducing coal consumption and achieving a CO2 reduction of 44,800 tons annually [5] - Tianshan Co., Ltd. received the first carbon management system certification in the cement industry, indicating its advanced capabilities in carbon asset management [5] Strategic Focus - The company is committed to supply-side reform, emphasizing lean management and cost control while pursuing opportunities in digital transformation and green development [5]

（文章来源：每日经济新闻） 天山股份8月18日晚间发布公告称，公司第九届第六次董事会会议于2025年8月18日以现场结合视频方式 召开。会议审议了《关于在中国建材集团财务有限公司开展金融业务的风险持续评估报告的议案》等文 件。 ...