Core Viewpoint - The company is expanding its business into the new materials sector by investing in Hunan Sanqi New Materials Co., Ltd., while maintaining a focus on its core pile business [1] Group 1: Investment Details - The company holds a 40% stake in Hunan Sanqi New Materials Co., Ltd., which is a joint venture established with partners [1] - The new venture's business scope includes the manufacturing of high-performance fibers and composite materials [1] Group 2: Strategic Direction - The investment aligns with the company's long-term strategic direction, aiming to explore opportunities in the new materials field while ensuring risk is manageable [1] - Hunan Sanqi New Materials Co., Ltd. is currently in the preparatory stage of establishment [1]

Group 1 - The cement sector experienced a decline of 2.52% on October 16, with Tibet Tianlu leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] - Individual stock performance in the cement sector varied, with notable movements including Huanzi House rising by 1.78% and other companies like Jinyu Modong and Ningxia Building Materials declining by 0.59% and 0.74% respectively [1] Group 2 - The cement sector saw a net outflow of 710 million yuan from main funds, while retail investors contributed a net inflow of 663 million yuan [2] - Specific stock fund flows indicated that Hainan Ruize had a main fund net inflow of 20.83 million yuan, while companies like Ningxia Building Materials and Jianfeng Group experienced minor inflows and outflows [2] - The overall trend showed that retail investors were more active in the cement sector, with significant net inflows despite the main funds pulling back [2]

Market Overview - The cement sector experienced a slight decline of 0.12% on September 26, with Sanhe Pile leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Individual Stock Performance - Sanhe Pile (003037) closed at 7.91, down 4.47% with a trading volume of 168,100 shares and a turnover of 134 million yuan [2] - Qingsong Jianhua (600425) closed at 4.25, down 2.52% with a trading volume of 393,800 shares [2] - Sichuan Jinding (600678) closed at 9.23, down 2.22% with a trading volume of 105,800 shares [2] - Guotong Co. (002205) closed at 13.63, down 1.87% with a trading volume of 94,800 shares [2] - Tianshan Co. (000877) closed at 5.97, down 1.16% with a trading volume of 388,500 shares [2] - Other notable declines include Jianfeng Group (600668) down 1.02% and Xizang Dalu (600326) down 0.81% [2] Capital Flow Analysis - The cement sector saw a net outflow of 98.89 million yuan from institutional investors and 47.41 million yuan from retail investors, while individual investors contributed a net inflow of 146 million yuan [4] - Hainan Ruize (002596) had a net inflow of 47.06 million yuan from institutional investors, while experiencing a net outflow of 10.28 million yuan from retail investors [4] - Fujian Cement (600802) reported a net inflow of 11.08 million yuan from institutional investors, with a slight net outflow from retail investors [4] - Guotong Co. (002205) had a net inflow of 5.80 million yuan from institutional investors, while retail investors showed a net outflow [4]

Market Overview - The cement sector experienced a decline of 0.79% on September 25, with Sanhe Pile leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Individual Stock Performance - Notable gainers included Guotong Co. (5.63% increase), Jianfeng Group (2.88% increase), and Fujian Cement (2.23% increase) [1] - Major decliners included Sanhe Pile (4.50% decrease), Shangfeng Cement (3.75% decrease), and Huaxin Cement (2.23% decrease) [2] Trading Volume and Value - Guotong Co. had a trading volume of 114,200 shares and a transaction value of 154 million yuan [1] - Sanhe Pile recorded a trading volume of 231,800 shares with a transaction value of 193 million yuan [2] Capital Flow Analysis - The cement sector saw a net outflow of 238 million yuan from institutional investors, while retail investors contributed a net inflow of 278 million yuan [2][3] - Key stocks with significant net inflows from retail investors included Fujian Cement and Sanhe Pile, while Guotong Co. and Jianfeng Group saw net outflows from institutional investors [3]

Market Overview - On September 24, the cement sector declined by 0.63% compared to the previous trading day, with Sanhe Pile leading the decline [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Top gainers in the cement sector included: - Shangfeng Cement (000672) with a closing price of 9.61, up 9.95% on a trading volume of 468,400 shares and a turnover of 437 million yuan [1] - Fujian Cement (600802) closed at 5.39, up 3.06% with a trading volume of 137,600 shares and a turnover of 72.72 million yuan [1] - Longquan Co. (002671) closed at 4.80, up 1.91% with a trading volume of 113,000 shares and a turnover of 53.61 million yuan [1] - Notable decliners included: - Sanhe Pile (003037) closed at 8.67, down 4.73% with a trading volume of 342,600 shares and a turnover of 296 million yuan [2] - Tianshan Co. (000877) closed at 6.15, down 3.15% with a trading volume of 972,000 shares and a turnover of 591 million yuan [2] - Qingsong Jianhua (600425) closed at 4.43, down 2.21% with a trading volume of 847,100 shares and a turnover of 372 million yuan [2] Capital Flow Analysis - The cement sector experienced a net outflow of 94.01 million yuan from institutional investors, while retail investors saw a net inflow of 91.34 million yuan [2] - Key capital flows for selected stocks included: - Shangfeng Cement had a net inflow of 1.30 billion yuan from institutional investors, but a net outflow of 57.59 million yuan from retail investors [3] - Fujian Cement saw a net inflow of 16.88 million yuan from institutional investors, with a net outflow of 5.86 million yuan from retail investors [3] - Huaxin Cement (600801) had a net inflow of 16.56 million yuan from institutional investors, while retail investors had a net outflow of 27.86 million yuan [3]

Core Viewpoint - The company has demonstrated significant growth in the first half of 2025, with a notable increase in revenue and net profit, driven by market demand and strategic cost management [2]. Performance Growth Reasons and Sustainability - In the first half of 2025, the company achieved an 11.31% year-on-year increase in revenue and a substantial growth of over 34 times in net profit attributable to shareholders. This growth is attributed to two main factors: capturing market demand by diversifying product offerings and implementing a "total cost leadership" strategy through lean management and process optimization. The company is well-positioned for sustainable growth due to favorable national policies and deepening market expansion [2]. Business Segment Progress - The company's renewable energy-related business showed steady growth in the first half of 2025. Specifically, the sales volume of photovoltaic project piles reached 3.385 million meters, a year-on-year increase of 50.58%. Wind power project pile sales were 110,600 meters, up 35.21%, and wind power PC component sales surged by 1392.16%. The company plans to continue deepening strategic partnerships and expanding applications in emerging fields [3]. Risk Mitigation Measures - To address fluctuations in raw material prices and stricter environmental policies, the company has established a comprehensive response mechanism. It employs a "centralized procurement + price locking" model to reduce overall raw material costs. In terms of environmental compliance, the company is responding to carbon neutrality strategies by implementing "no pressure steaming and half pressure steaming" processes, recovering waste heat, and recycling condensate water. Some bases have also integrated distributed photovoltaic power generation, increasing the share of clean energy [5]. Capacity Release Situation - In the first half of 2025, the company reported smooth progress in capacity utilization and construction. The production capacity for pile products was 25.2545 million meters, with an actual output of 22.1259 million meters, resulting in a capacity utilization rate of 87.61%. New bases in Taizhou and Huizhou have enhanced capacity layout in the Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area. The second phase of the Hefei base has begun trial production, which will meet regional market demand and enhance competitiveness [6]. Core Advantages and Cash Flow Management - The company stands out as one of the largest producers of prestressed concrete piles in China, boasting strong brand advantages, advanced technology reserves, a nationwide capacity layout, mature production processes, high-quality customer resources, and a stable professional management team. In terms of cash flow management, the net cash flow from operating activities improved by 67.88% year-on-year, driven by increased sales revenue and enhanced receivables management. The company aims to further improve operating cash flow by strengthening accounts receivable collection and optimizing procurement payment schedules [7].

Group 1: Financial Performance - The company's revenue increased by 11.31% year-on-year in the first half of 2025 due to market demand and product diversification [2] - The net profit attributable to the parent company saw a significant increase of over 34% in the first half of 2025, driven by effective cost management and operational efficiency [3] - The net cash flow from operating activities improved by 67.88% year-on-year, attributed to increased sales revenue and enhanced collection management [5] Group 2: Business Development - The company achieved a sales volume of 338.50 million meters for pile products used in photovoltaic projects, marking a year-on-year growth of 50.58% [3] - For wind power projects, the sales volume reached 11.06 million meters, with a year-on-year increase of 35.21% [3] - The company is actively pursuing opportunities in the Yarlung Tsangpo River downstream hydropower project, which is a key component of the national energy strategy [4][5] Group 3: Production Capacity and Efficiency - The company utilized 87.61% of its production capacity in the first half of 2025, with an actual output of 22.12 million meters of pile products [4] - New production bases in Taizhou and Huizhou are enhancing the company's capacity layout in key economic regions, improving service efficiency and reducing logistics costs [4] Group 4: Strategic Initiatives - The company is implementing a "total cost leadership" strategy, focusing on lean management and process optimization to enhance overall gross margin [2] - To address raw material price fluctuations and stringent environmental policies, the company has established a comprehensive response mechanism, including centralized procurement and long-term supplier agreements [4]

Company Overview - Sanhe Pile (SZ 003037) announced on September 19, 2025, that its fourth board meeting was held via telecommunication to review the proposal for establishing a temporary special account for fundraising [1] - As of the report, Sanhe Pile has a market capitalization of 4.9 billion yuan [1] Financial Performance - For the first half of 2025, Sanhe Pile's revenue composition was 99.8% from the cement and building materials industry, with other businesses contributing only 0.2% [1]

中国银河证券股份有限公司 关于广东三和管桩股份有限公司及全资子公司 使用部分闲置募集资金进行现金管理的核查意见 中国银河证券股份有限公司（以下简称"银河证券"或"保荐人"）作为广 东三和管桩股份有限公司（以下简称"三和管桩"或"公司"）向特定对象发行 股票的保荐人及持续督导机构，根据《证券发行上市保荐业务管理办法》《上市 公司募集资金监管规则》《深圳证券交易所股票上市规则》及《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关规定，对公司 及全资子公司使用部分闲置募集资金进行现金管理的情况进行了审慎核查，现将 有关情况说明如下： 一、募集资金基本情况 2023 年 5 月 9 日，中国证券监督管理委员会出具《关于同意广东三和管桩 股份有限公司向特定对象发行股票注册的批复》（证监许可〔2023〕1014 号）， 同意公司向特定对象发行股票的注册申请。本次向特定对象实际发行人民币普通 股（A 股）股票 95,238,095 股，每股面值为人民币 1.00 元，每股发行价格为人 民币 10.50 元，募集资金总额为人民币 999,999,997.50 元，扣除发行费用（不含 税金额）人民 ...

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： 1、投资种类：安全性高、流动性好的固定收益类或承诺保本的标的，具体 品种包括保本型银行结构性存款类产品、大额存单、协定存款等标的，产品期限 不应超过 12 个月。 证券代码：003037 证券简称：三和管桩 公告编号：2025-054 广东三和管桩股份有限公司 关于公司及全资子公司使用部分闲置募集资金进行 现金管理的公告 2、投资金额：不超过人民币 40,000 万元（含），期限内任一时点的投资金 额（含相关投资收益进行再投资的金额）不超过投资额度。 3、特别风险提示：尽管对闲置募集资金进行现金管理时选择的是低风险的 投资产品，但金融市场受宏观经济的影响较大，不排除该项投资受到市场波动的 影响。敬请投资者注意相关风险并谨慎投资。 广东三和管桩股份有限公司（以下简称"公司"）于 2025 年 9 月 19 日召开的 第四届董事会第十次会议审议通过了《关于公司及全资子公司使用部分闲置募集 资金进行现金管理的议案》。公司及全资子公司泰州三和管桩有限公司（以下简 称"泰州三和"）将在不影响募集资金投资计划 ...