Market Overview - The cement sector experienced a decline of 2.3% on November 21, with Sichuan Jinding leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Notable stock performances include: - Hainan Ruize (002596) increased by 5.92% to a closing price of 5.19 [1] - Sichuan Jinding (600678) decreased by 6.90% to a closing price of 9.58, with a trading volume of 427,700 shares and a turnover of 420 million yuan [2] - Fujian Cement (600802) fell by 6.80% to 6.44, with a trading volume of 400,400 shares and a turnover of 268 million yuan [2] Capital Flow Analysis - The cement sector saw a net outflow of 312 million yuan from main funds, while retail investors contributed a net inflow of 319 million yuan [2] - Specific stock capital flows indicate: - Western Construction (002302) had a net inflow of 24.90 million yuan from main funds, while retail investors contributed 8.14 million yuan [3] - Sichuan Jinding (600678) experienced a significant net outflow of 54.21 million yuan from main funds [3]

Core Viewpoint - The company confirmed that its current core business does not include the production or sales of "graphite electrodes" through its interaction with investors [1] Group 1 - An investor inquired about the establishment progress of Hunan Sanqi New Materials Co., Ltd. and whether its core business includes "graphite electrodes" [1] - The company, Sanhe Pile (003037.SZ), responded on November 19 that, after verifying with the Hunan Sanqi team, their current core business does not involve the production or sales of "graphite electrodes" [1]

投资者关系活动记录表 编号：2025-005 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 活动参与人员 一、参与人员： 北京世邦私募基金管理有限公司 崔卫国、于千可、武颖、 戴修云、沙秀峰、温成友、牛晓波、王晓春、傅良明、张 诗堃 二、上市公司接待人员姓名： 董事会秘书：余俊乐 财务总监：曾立军 证券事务代表：高永恒 时间 2025 年 11 月 18 日（星期二）10:00-10:30 地点 公司二楼会议室 形式 腾讯会议 交流内容及具体 问答记录 一、公司情况介绍 董事会秘书余俊乐先生对公司主营业务及发展规划进行 介绍。 二、互动问答环节 1、问：预计未来五年内，公司产品在地下管网的销售情 况如何？ 答：公司主要产品为预应力高强混凝土桩，广泛应用于工 业、交通、市政工程、民用建筑、光伏、风电、水利等诸 | 多领域。近年来，预制混凝土桩应用场景呈现多元化的趋 | | --- | | 势。公司将持续关注地下管网相关政策和市场动向，若相 | | 关工程存在基础建设等相关需求，公司将依托产品特性积 | | 极把握业务机会。 | | ...

Market Overview - The cement sector experienced a decline of 0.67% on November 17, with Ta Pai Group leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Individual Stock Performance - Notable gainers in the cement sector included: - Guotong Co., Ltd. (002205) with a closing price of 16.74, up 9.99% on a trading volume of 163,400 shares and a turnover of 266 million [1] - Huan Zhi Wu Shi (002596) with a closing price of 5.08, up 5.83% on a trading volume of 1,746,900 shares and a turnover of 884 million [1] - Fujian Cement (600802) with a closing price of 8.50, up 3.66% on a trading volume of 886,500 shares and a turnover of 743 million [1] - Conversely, Ta Pai Group (002233) saw a decline of 2.16% with a closing price of 8.62, trading 114,200 shares for a turnover of 98.77 million [2] - Other notable decliners included: - Huaxin Cement (600801) down 2.00% to 22.53 [2] - Conch Cement (600585) down 1.56% to 23.32 [2] Capital Flow Analysis - The cement sector saw a net inflow of 63.15 million from institutional investors, while retail investors experienced a net outflow of 10.57 million [2] - Key stocks with significant capital flow included: - Guotong Co., Ltd. (002205) with a net inflow of 91.54 million from institutional investors, representing 34.38% of its trading volume [3] - Huan Zhi Wu Shi (002596) with a net inflow of 18.09 million from institutional investors, representing 2.05% [3] - Ta Pai Group (002233) had a net outflow of 45.46 million from retail investors, representing -17.07% [3]

Market Overview - The cement sector experienced a decline of 0.22% on November 14, with Sichuan Jinding leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Individual Stock Performance - Notable gainers in the cement sector included: - Hainan Ruize (002596) with a closing price of 4.80, up 5.26% on a trading volume of 1.4978 million shares and a turnover of 721 million yuan [1] - Fujian Cement (600802) closed at 8.20, up 4.19% with a trading volume of 886,600 shares and a turnover of 711 million yuan [1] - Major decliners included: - Sichuan Jinding (600678) which closed at 10.29, down 5.77% with a trading volume of 715,100 shares and a turnover of 748 million yuan [2] - Qingsong Jianhua (600425) closed at 4.84, down 1.43% with a trading volume of 310,500 shares and a turnover of 151 million yuan [2] Capital Flow Analysis - The cement sector saw a net outflow of 194 million yuan from institutional investors, while retail investors contributed a net inflow of 174 million yuan [2] - The capital flow for specific stocks showed: - All Yu Group (601992) had a net inflow of 17.78 million yuan from institutional investors, but a net outflow of 2.87 million yuan from retail investors [3] - Fujian Cement (600802) experienced a net inflow of 12.18 million yuan from institutional investors, but a net outflow of 15.99 million yuan from retail investors [3]

Group 1 - The cement sector experienced a rise of 1.04% on November 13, with Fujian Cement leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] - Fujian Cement's stock price increased by 4.52%, closing at 7.87, with a trading volume of 670,000 shares and a transaction value of 519 million yuan [1] Group 2 - The cement sector saw a net outflow of 134 million yuan from institutional investors and 121 million yuan from speculative funds, while retail investors had a net inflow of 255 million yuan [2] - The trading data for various cement stocks indicates mixed performance, with some stocks experiencing declines, such as Sichuan Jinding, which fell by 3.87% [2][3] - The net inflow and outflow of funds varied significantly among different stocks, with Fujian Cement showing a net inflow of 22.72 million yuan from institutional investors [3]

Market Overview - The cement sector experienced a decline of 0.2% on November 4, with Shangfeng Cement leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Individual Stock Performance - Hanjian Heshan saw a significant increase of 10.09%, closing at 6.11, with a trading volume of 231,100 shares and a turnover of 141 million yuan [1] - Fujian Cement also rose by 10.00%, closing at 7.81, with a trading volume of 706,200 shares and a turnover of 527 million yuan [1] - Conversely, Shangfeng Cement fell by 1.83%, closing at 10.74, with a trading volume of 152,300 shares and a turnover of 164 million yuan [2] Capital Flow Analysis - The cement sector had a net inflow of 68.57 million yuan from institutional investors, while retail investors saw a net outflow of 93.65 million yuan [2][3] - Notably, Fujian Cement experienced a net inflow of 102 million yuan from institutional investors, but a net outflow of 68.33 million yuan from retail investors [3] - Hanjian Heshan had a substantial net inflow of 77.89 million yuan from institutional investors, with a significant net outflow of 39.61 million yuan from retail investors [3]

Core Viewpoint - The company is poised to benefit from the new wave of demand for prestressed concrete piles driven by national infrastructure policies, showcasing strong growth potential as a leading player in the industry [1]. Group 1: Performance and Profitability - In the first three quarters of 2025, the company achieved a revenue of 4.483 billion yuan, a year-on-year increase of 3.87% [2]. - The net profit attributable to shareholders reached 80.477 million yuan, a staggering year-on-year increase of 286.23%, surpassing the annual target set earlier [2]. - The net profit excluding non-recurring gains was 57.287 million yuan, reflecting an impressive year-on-year growth of 8652.55%, indicating a significant improvement in core business profitability [2]. - In the third quarter, despite industry pressures, the company still reported a net profit of 14.033 million yuan, with a 12.70% year-on-year growth in net profit excluding non-recurring items [2]. Group 2: Cash Flow and Asset Structure - Although the operating cash flow for the first three quarters was negative, it improved by 23.87% year-on-year, indicating effective cash management [3]. - Total assets grew to 6.936 billion yuan, with shareholders' equity reaching 2.804 billion yuan, a 1.77% increase from the end of the previous year, maintaining a robust asset structure [3]. Group 3: Industry Outlook and Policy Support - The "14th Five-Year Plan" emphasizes strengthening major infrastructure construction, which will benefit the company as a leading player in the precast pile industry [4]. - The company has established production bases in key regions such as Guangdong, Jiangsu, and Hubei, allowing it to seize market opportunities amid regional economic development [4]. Group 4: Research and Development - In the first three quarters of 2025, the company invested 36.899 million yuan in R&D, a year-on-year increase of 8.89%, enhancing product performance and production processes [5]. - The company's focus on energy-saving and intelligent production line upgrades aligns with the green manufacturing policies, reinforcing its leading position in the industry [5]. Group 5: Growth Potential - The recent release of the "14th Five-Year Plan" suggests accelerated construction of new energy systems and high-quality development of clean energy, which will open new market opportunities for the precast pile industry [6]. - The development of new technologies, such as artificial intelligence, is expected to further drive demand for precast pile products [6]. - With the acceleration of national infrastructure policies and continuous internal management optimization, the company's growth momentum is expected to strengthen, providing solid investment value for long-term investors [6].

Core Viewpoint - Sanhe Pile (003037.SZ) reported its Q3 2025 results, highlighting a significant institutional ownership of 69.71% of its total shares, with a slight decline in institutional holding compared to the previous quarter [1] Institutional Ownership - As of October 28, 2025, a total of 8 institutional investors disclosed their holdings in Sanhe Pile, amounting to 418 million shares [1] - The institutional ownership represents 69.71% of Sanhe Pile's total share capital, which is a decrease of 2.10 percentage points from the previous quarter [1] Public Fund Disclosure - In this reporting period, 49 public funds were not disclosed compared to the previous quarter, including notable funds such as Guotai CSI All Share Construction Materials ETF and GF CSI All Share Construction Materials Index A [1]

Core Viewpoint - The company, Guangdong Sanhe Pile Co., Ltd., has disclosed its third-quarter financial report and provided updates on guarantees for its subsidiaries, emphasizing the accuracy and completeness of the information presented [1][2][7]. Financial Data Summary - The third-quarter financial report has not been audited [3][7]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - There are no non-recurring profit and loss items reported [3]. Shareholder Information - The company has a specific account for share buybacks that is included in the top ten shareholders but not listed separately [5]. - There are no changes in the top ten shareholders due to securities lending activities [6]. Guarantee Overview - The company has approved a comprehensive credit limit of up to RMB 745.3 million and USD 9 million for 2025, with a total guarantee amount not exceeding RMB 245.9 million [8]. - Guarantees for subsidiaries with an asset-liability ratio exceeding 70% amount to RMB 64.9 million, while those with a lower ratio are capped at RMB 181 million [8]. Guarantee Progress - A maximum guarantee contract has been signed with Industrial Bank Co., Ltd. for a subsidiary, Huizhou New Sanhe Intelligent Assembly Technology Co., Ltd., with a maximum debt amount of RMB 10 million [10][11]. - The guarantee period is set for three years from the maturity of each financing obligation [11][12]. Total Guarantee Amount - The total guarantee amount for the company and its subsidiaries is RMB 245.9 million, with the current balance of guarantees at RMB 54.405 million, representing 19.75% of the latest audited net assets [15].