Group 1: Company Overview - The main business includes traditional cement operations and investment-related activities. The cement factory has been reduced from four to one, with a strong regional advantage and good development prospects [1]. - The company has invested in two funds and a smart mobility fund, focusing on direct investments in promising projects [1]. Group 2: Cement Business Insights - The cement business has stable cash flow and will be managed according to the company's development strategy [2]. - The company operates in Yibin City, Sichuan Province, which is a key economic area supporting industrial development [2]. Group 3: Fund Management and Investment Strategy - The company participates as a General Partner (GP) in two funds, with total commitments of ¥10.8 billion and ¥6.7 billion respectively [2]. - The investment focus of the funds includes advanced manufacturing, semiconductors, and new energy sectors [2][4]. - The management team consists of 30-40 professionals dedicated to fund management, ensuring quality project selection [3]. Group 4: Financial Performance and Projections - The management fee for the funds is approximately 2% of the fund size, with expected revenue of ¥300-400 million this year [3]. - The company aims to create profits for shareholders through strategic investments and project exits, including IPOs and mergers [3]. Group 5: Investment Criteria and Market Position - The company avoids investing in projects that are cash-intensive with no visible returns, focusing instead on sectors where it has research capabilities [5]. - Investment decisions are based on thorough market research and team judgment, considering both light and heavy asset opportunities [5].

四川双马水泥股份有限公司 投资者关系活动记录表 编号：2021-2 | --- | --- | --- | |---------------------------|---------------------------------------------------|-----------------------------------------------------------------| | | | | | 投资者关系活动类别 | √特定对象调研 | □分析师会议 | | | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | 参与单位名称及人员 | 中信建投证券股份有限公司 民生加银基金管理有限公司 | 副总裁 张亦弛 投资经理 徐文琪 | | 姓名 | 中国国际金融股份有限公司 | 电力设备与新能源分析员 宋丽凌 | | | 华西证券股份有限公司 | 纺织服装/教育行业首席分析师 唐爽爽 | | 时间 | 2021年2月23 日 | | | | | | | 地点 上市公司接待人员姓 | 电 ...

Group 1: Company Overview - Sichuan Shuangma Cement Co., Ltd. is a publicly listed company primarily engaged in cement production, with a stable operational performance and good cash flow [1] - The company has a cement production capacity of approximately 2.5 million tons per year and an aggregate production line with an annual capacity of about 6 million tons [1] - The company has initiated two investment funds with a total scale of 17.5 billion RMB, focusing on various sectors including advanced manufacturing and new energy [2] Group 2: Investment Funds - The two funds, He Xie Jin Hong and He Xie Jin Yu, have investment directions that include internet, cultural consumption, and advanced manufacturing sectors [2] - The company earns management fees of 2% based on the subscribed capital of the funds, a 10% performance share as a GP, and investment returns as an LP [2] - The company has invested 1.08 billion RMB in He Xie Jin Hong and 1 billion RMB in He Xie Jin Yu [2] Group 3: Future Plans and Strategy - The company plans to continue developing its cement business while focusing on industries that meet the needs of the public [3] - The investment team consists of over 40 experienced professionals, indicating strong operational capabilities [3] - Future fund management will follow a dual GP model, with ongoing development of new funds based on market needs [3]

四川双马水泥股份有限公司 投资者关系活动记录表 编号：2021-5 | --- | --- | --- | --- | |--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

四川双马水泥股份有限公司 投资者关系活动记录表 编号：2021-4 | --- | --- | --- | |-------------------------|--------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活动类别 | √特定对象调研 | □分析师会议 | | | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | 参与单位名称及人员 姓名 | 华夏基金管理有限公司 嘉实基金管理有限公司 建信基金管理有限责任公司 工银瑞信基金管 ...

四川双马水泥股份有限公司 投资者关系活动记录表 编号：2021-6 | --- | --- | --- | --- | |-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Group 1: Financial Performance - In the first three quarters of 2021, the company achieved a net profit attributable to shareholders of 650 million, a decrease of 38.90% year-on-year due to non-recurring gains from the previous year [1] - The operating revenue for the same period was approximately 850 million, down 27.22% year-on-year [1] - The net profit after deducting non-recurring gains for the first three quarters was 638 million, an increase of 31.92% year-on-year [2] Group 2: Business Operations - The company’s cement prices have surged to historical highs due to factors such as energy consumption controls and rising coal prices, positively impacting the fourth quarter's performance [2] - A new aggregate production line was launched in the third quarter, increasing overall aggregate capacity to 5 million tons per year, contributing to performance improvements [2] Group 3: Investment Strategy - The company is focusing on investment business, managing two funds and targeting strong-performing funds for investment, including the Harmony Growth Phase III Fund [2] - The establishment of the Beijing Stock Exchange is expected to provide new exit channels for the company's investment projects [3] Group 4: Market Conditions - The construction materials industry has faced challenges due to environmental regulations and rising coal prices, leading to a slight decline in performance compared to the previous year [2] - The company’s investment in SEG Holding through debt-to-equity swaps is aimed at capitalizing on the growing vocational education sector [3]

四川和谐双马股份有限公司 投资者关系活动记录表 编号：2022-2 | --- | --- | --- | --- | |--------------------|--------------------------------------------------------------------------------------------------------------------------|------------------|--------| | | | | | | 投资者关系活动类别 | √特定对象调研 | □分析师会议 | | | | □媒体采访 | □业绩说明会 | | | | □新闻发布会 | □路演活动 | | | | □现场参观 | | | | | □其他（请文字说明其他活动内容） | | | | 活动参与人员 | | | | | | 嘉实基金管理有限公司 李欣 华夏基金管理有限公司 季新星 兴证全球基金 邹欣 | | | | | 和聚投资 邱颖 | | | | | 创金合信基金 胡致柏 | | | | | 中银基金 刘腾 华夏基金管理有限公司 朱熠 | | | | | 太平资 ...

Financial Performance - The company's revenue for Q3 2022 was ¥269,689,326.72, a decrease of 11.32% compared to the same period last year[7]. - Net profit attributable to shareholders for Q3 2022 was ¥243,346,410.68, an increase of 27.40% year-on-year[7]. - The basic earnings per share for Q3 2022 was ¥0.32, reflecting a growth of 28.00% compared to the previous year[7]. - Total operating revenue for the third quarter reached ¥891,175,429.50, an increase of 5.5% compared to ¥846,406,447.31 in the same period last year[37]. - The net profit for the current period is CNY 763,033,656.36, an increase of 17.7% compared to CNY 648,167,032.42 in the previous period[41]. - The total profit for the current period is CNY 887,375,179.58, up from CNY 748,488,979.23, reflecting a growth of 17.6%[41]. - The basic and diluted earnings per share are both CNY 1.00, compared to CNY 0.85 in the previous period, representing a 17.6% increase[41]. - The total comprehensive income attributable to the parent company's owners is CNY 766,653,109.46, compared to CNY 649,589,224.41, an increase of 18%[41]. Assets and Liabilities - Total assets as of the end of Q3 2022 reached ¥7,044,925,686.88, representing an increase of 8.54% from the end of the previous year[7]. - The company's total equity attributable to shareholders was ¥6,436,294,390.41, an increase of 8.78% from the previous year[7]. - The total liabilities increased to ¥588,648,371.11 from ¥553,389,988.34, representing a rise of 6.4%[36]. - The company’s non-current liabilities totaled ¥242,171,961.97, up from ¥153,469,099.30, indicating a significant increase of 57.7%[36]. - Long-term equity investments increased to ¥4,006,975,653.93 from ¥3,274,116,605.83[31]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥204,219,836.07, showing a decrease of 22.05% year-on-year[7]. - Cash flow from operating activities for the current period is CNY 204,219,836.07, down from CNY 261,981,625.86, a decrease of 22%[44]. - Cash inflow from investment activities is CNY 1,103,487,762.53, significantly higher than CNY 537,757,560.81 in the previous period, indicating a growth of 105.5%[44]. - Cash outflow from investment activities is CNY 1,241,467,834.60, compared to CNY 1,558,051,943.62 in the previous period, showing a decrease of 20.3%[44]. - The net cash flow from financing activities is CNY -184,014,238.87, worsening from CNY -154,309,322.79 in the previous period[47]. - The cash and cash equivalents at the end of the period amount to CNY 536,988,671.87, compared to CNY 455,483,051.93 in the previous period, an increase of 17.9%[47]. - The cash and cash equivalents decreased to ¥554,644,338.81 from ¥690,349,962.05[31]. Research and Development - The company's R&D expenses for Q3 2022 amounted to ¥21,927,478.26, a significant increase of 140.48% year-on-year[15]. - Research and development expenses rose significantly to ¥21,927,478.26, compared to ¥9,118,278.24 in the previous year, marking an increase of 141.5%[37]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 28,166[21]. - Beijing Harmony Hengyuan Technology Co., Ltd. holds 26.52% of shares, totaling 202,446,032 shares[21]. - Tianjin Saikehuan Enterprise Management Center (Limited Partnership) holds 25.00% of shares, totaling 190,877,024 shares[21]. - Lafarge China Offshore Holding Company (LCOHC) holds 17.55% of shares, totaling 133,952,761 shares[21]. - The company has a total of 527,275,817 voting rights controlled, accounting for 69.07% of the total share capital[25]. - The company has 33,928,755 shares held through margin trading accounts[27]. Investment Income - Investment income for Q3 2022 was ¥935,863,088.35, a substantial increase of 305.30% compared to the same period last year[15]. - Investment income surged to ¥935,863,088.35, a substantial increase from ¥230,906,443.37 in the prior year, reflecting a growth of 304.5%[37]. Other Financial Metrics - The weighted average return on equity increased to 3.85%, up by 0.36 percentage points compared to the previous year[7]. - The company reported a significant decrease in trading financial assets from ¥451,454,990.87 to ¥100,096,666.67[31]. - The total current assets as of September 30, 2022, amount to ¥818,796,219.73, a decrease from ¥1,324,083,660.83 at the beginning of the year[31]. - Deferred income tax assets increased to ¥1,187,827.60 from ¥962,760.75, showing a rise of 23.4%[36]. - The company reported an unallocated profit of ¥4,373,758,726.95, up from ¥3,791,595,168.84, reflecting a growth of 15.4%[36].

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 621,486,102.78, representing a 14.60% increase compared to CNY 542,307,521.52 in the same period last year[25]. - Net profit attributable to shareholders was CNY 522,042,827.35, up 13.79% from CNY 458,764,230.37 year-on-year[25]. - The net profit after deducting non-recurring gains and losses was CNY 509,836,932.62, reflecting a 13.13% increase compared to CNY 450,668,366.55 in the previous year[25]. - Basic and diluted earnings per share increased to CNY 0.68, a rise of 13.33% from CNY 0.60[25]. - The net cash flow from operating activities decreased by 40.41% to CNY 107,784,486.51 from CNY 180,883,414.82 in the same period last year[25]. - Operating costs increased by 31.78% to CNY 359,796,776.04, primarily due to a significant rise in coal prices affecting cement product costs[77]. - Investment income rose dramatically by 638.60% to CNY 562,132,833.68, driven by increased profits from joint funds and a change in accounting treatment for certain equity investments[80]. - The company reported a gross margin of 24.76% in the building materials segment, a decrease of 6.72 percentage points compared to the previous year[83]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,821,670,505.17, up 5.10% from CNY 6,490,394,829.20 at the end of the previous year[25]. - Net assets attributable to shareholders increased by 4.67% to CNY 6,193,059,672.02 from CNY 5,916,633,601.21[25]. - Cash and cash equivalents decreased to CNY 485,421,002.94, accounting for 7.12% of total assets, down 3.52 percentage points from the previous year[89]. - Long-term equity investments increased to CNY 3,633,274,834.32, representing 53.26% of total assets, up 2.81 percentage points year-over-year[89]. - Trade receivables rose to CNY 11,299,572.40, making up 0.17% of total assets, an increase of 0.12 percentage points compared to last year[89]. - Other non-current financial assets increased to CNY 1,508,200,403.88, which is 22.11% of total assets, up 6.41 percentage points from the previous year[89]. - Inventory decreased to CNY 58,252,620.36, accounting for 0.85% of total assets, down 0.14 percentage points year-over-year[89]. - Short-term borrowings increased to CNY 26,938,132.72, representing 0.39% of total assets, up 0.01 percentage points from last year[89]. - Contract liabilities decreased to CNY 88,201,476.44, making up 1.29% of total assets, down 0.50 percentage points year-over-year[89]. Market and Industry Conditions - In the first half of 2022, the national cement production decreased by nearly 15% year-on-year, totaling 977 million tons, indicating a significant market contraction[40]. - The company’s main business areas faced significant pressure due to tight funding in real estate development and major engineering projects, impacting downstream demand for building materials[41]. - The overall GDP of China in the first half of 2022 was 56,264.2 billion yuan, with a year-on-year growth of 2.5%, indicating a stable economic recovery[52]. - The company is actively responding to government policies aimed at stabilizing the economy and promoting growth, optimizing its marketing strategies to strengthen core markets and customers[56]. - The company plans to diversify its market presence to reduce reliance on a single market, particularly focusing on expanding its sales radius beyond the Yibin area[110]. Environmental and Social Responsibility - The company emphasizes a dual-carbon goal and green enterprise development, aiming to create value while protecting the environment[34]. - The company is committed to reducing carbon emissions through equipment upgrades and the use of alternative raw materials, aligning with national environmental standards[56]. - The company invested CNY 1.97 million in environmental protection during the first half of the year[131]. - The total nitrogen oxide emissions from the company's cement kilns decreased by over 30% due to ultra-low emission technology upgrades[130]. - The company reported a total of 191.78 tons of nitrogen oxides emitted in the first half of the year, well within the permitted limits[127]. - The company has implemented continuous automatic monitoring for various pollutants, ensuring compliance with national emission standards[131]. - The company has taken measures to reduce carbon emissions, including replacing equipment with high-efficiency fans and motors, and using alternative raw materials like industrial waste[134]. - The company donated 12 tons of cement to support rural revitalization projects and another 12 tons for repairing houses for impoverished households[136]. Investment and Development Strategies - The company manages a private equity fund with a scale of nearly CNY 18 billion, focusing on sectors such as internet, health, advanced manufacturing, and cross-border e-commerce[34]. - The private equity fund investment management business maintained a good development momentum, emphasizing value investment and focusing on advanced manufacturing and consumer sectors[61]. - The company has established a mature investment management mechanism, including a comprehensive due diligence system and a dedicated post-investment management team[75]. - The company has developed an intelligent investment management platform to enhance its ability to monitor policy and industry trends, improving management efficiency and investment effectiveness[75]. - The company is committed to technological innovation, establishing a dedicated R&D center and collaborating with well-known universities to advance smart cement production technology[71]. Risk Management - The company faces risks from changes in domestic macroeconomic conditions, which could impact the cement and aggregate industry, leading to potential reductions in fixed asset investments and real estate development[108]. - The company is implementing strategies to mitigate risks from regional COVID-19 outbreaks by innovating marketing approaches while ensuring effective pandemic control measures[109]. - The company is addressing market risks related to slower-than-expected recovery in demand and potential price fluctuations due to excess capacity in the cement industry[109]. - The private equity investment management business is facing risks from international market fluctuations and ongoing pandemic impacts, which may affect fundraising and investment activities[114]. - The company emphasizes enhancing the professional management of its partnerships and maintaining strict investment standards to mitigate risks in the private equity sector[115]. Shareholder Information - The company has a total of 763,440,333 shares outstanding, all of which are unrestricted shares[171]. - The largest shareholder, Beijing Harmony Hengyuan Technology Co., holds 26.52% of the shares, amounting to 202,446,032 shares, which are currently pledged[175]. - The second-largest shareholder, Tianjin Saike Enterprise Management Center, holds 25.00% of the shares, totaling 190,877,024 shares[175]. - The third-largest shareholder, Lafarge China Offshore, owns 17.55% of the shares, equating to 133,952,761 shares[175]. - The company has not reported any changes in share capital or significant share repurchase activities during the reporting period[174].