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。 安徽海螺水泥股份有限公司 ANHUI CONCH CEMENT COMPANY LIMITED （在中華人民共和國註冊成立之股份有限公司） （股份代號：00914） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作出。 茲載列安徽海螺水泥股份有限公司在上海證券交易所網站刊登的《關於擔保實施進 展的公告》，僅供參閱。 承董事會命 安徽海螺水泥股份有限公司 聯席公司秘書 虞水 中國安徽省蕪湖市 二零二五年九月十八日 截至此公告日，本公司董事會成員包括 (i) 執行董事楊軍先生、朱勝利先生、李群峰 先生、吳鐵軍先生及虞水先生； (ii) 獨立非執行董事屈文洲先生、何淑懿女士及韓旭 女士； (iii) 職工董事凡展先生 证券代码：600585 证券简称：海螺水泥 公告编号：2025-27 安徽海螺水泥股份有限公司 关于担保实施进展的公告 本公司董事会及全体董事保证 ...

Group 1 - The company Anhui Conch Cement Co., Ltd. announced that its subsidiary, Anhui Haizhong Environmental Protection, provided a full joint liability guarantee for a loan of 10 million yuan to Fujian Sanming Haizhong Environmental Technology Co., Ltd. from the Construction Bank Qingliu Branch [1] - As of the announcement date, the total guarantee amount, including this guarantee, is 20 million yuan, with the company's total external guarantees amounting to 83.8 million yuan, which represents 0.45% of the latest audited net assets [1] - There are no overdue guarantees, and this guarantee falls within the previously estimated limit, thus no further approval from the board of directors or shareholders is required [1] Group 2 - Sanming Haizhong Environmental has good creditworthiness, and the guarantee risk is considered controllable [1]

Group 1 - The core viewpoint of the news is that Conch Cement's stock has experienced a decline, with a notable drop in trading volume and net outflow of funds, indicating potential market concerns [1][2]. - As of September 18, Conch Cement's stock price fell by 2.04% to 23.06 CNY per share, with a total market capitalization of 122.2 billion CNY [1]. - The company has seen a year-to-date stock price change of -0.04%, with a 4.47% decline over the last five trading days and a 4.67% decline over the last twenty days [1]. Group 2 - Conch Cement's main business includes the production and sales of cement, clinker, and aggregates, with the primary revenue sources being 57.81% from 45-grade cement and 15.63% from other sales [1]. - For the first half of 2025, Conch Cement reported a revenue of 41.292 billion CNY, a year-on-year decrease of 9.38%, while the net profit attributable to shareholders increased by 31.34% to 4.368 billion CNY [2]. - The company has distributed a total of 82.718 billion CNY in dividends since its A-share listing, with 16.656 billion CNY distributed in the last three years [3]. Group 3 - As of June 30, 2025, the number of shareholders for Conch Cement increased to 224,100, reflecting a 7.12% rise from the previous period [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 193 million shares, an increase of 1.0135 million shares from the previous period [3]. - New entrants among the top ten shareholders include the Jiashi CSI 300 ETF, which holds 19.2643 million shares [3].

Core Insights - The company reported a total revenue of 41.3 billion yuan for H1 2025, a year-on-year decrease of 9%, while the net profit attributable to shareholders was 4.37 billion yuan, an increase of 31% year-on-year [1] - In Q2 2025, the company experienced a significant recovery in profit margins, achieving revenue of 22.2 billion yuan, a year-on-year decrease of 8%, and a net profit of 2.56 billion yuan, a year-on-year increase of 40% and a quarter-on-quarter increase of 41% [1] - The company maintained stable sales with a slight decline in net sales volume, reporting a total of 130 million tons of cement and clinker, a decrease of 0.1% year-on-year, while the main business revenue increased by 2% to 34.8 billion yuan [1] Industry Developments - The company is expanding its industrial chain, successfully signing contracts for projects in Xinjiang and enhancing its market competitiveness in Indonesia through overseas acquisitions [2] - The industry outlook for the second half of 2025 is positive, supported by government initiatives to accelerate bond issuance and promote urban renewal, which are expected to optimize market competition and address capacity issues [2] - The National Development and Reform Commission is working on revising the Price Law to clarify standards for identifying unfair pricing practices, which may impact the industry [2] Financial Projections - The company maintains a "buy" rating, projecting revenues of 95.4 billion yuan, 98.6 billion yuan, and 101.9 billion yuan for 2025 to 2027, with year-on-year growth rates of 5%, 3%, and 3% respectively [3] - The net profit attributable to shareholders is expected to reach 9.5 billion yuan, 10.6 billion yuan, and 11.6 billion yuan for the same period, reflecting year-on-year growth rates of 24%, 11%, and 10% respectively [3] - Corresponding price-to-earnings ratios are projected to be 13, 12, and 11 times for 2025, 2026, and 2027 respectively [3]

Market Overview - The cement sector experienced a decline of 0.71% on September 10, with Conch Cement leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Individual Stock Performance - Notable gainers in the cement sector included: - Huanzi House with a closing price of 3.69, up 3.07% [1] - Guotong Co. with a closing price of 13.19, up 2.57% [1] - Xizang Tianlu with a closing price of 13.42, up 2.36% [1] - Major decliners included: - Conch Cement with a closing price of 24.08, down 1.75% [2] - Shangfeng Cement with a closing price of 8.67, down 1.70% [2] - Sichuan Jinding with a closing price of 9.89, down 1.59% [2] Trading Volume and Capital Flow - The cement sector saw a net outflow of 79.45 million yuan from institutional investors, while retail investors contributed a net inflow of 53.35 million yuan [2] - The trading volume for the cement sector was significant, with Conch Cement alone accounting for a transaction amount of 567 million yuan [2] Capital Flow Analysis - Key capital flow insights include: - Xizang Tianlu had a net outflow of 30.84 million yuan from institutional investors [3] - West Construction saw a net inflow of 10.07 million yuan from institutional investors [3] - Huanzi House experienced a net inflow of 5.84 million yuan from institutional investors [3]

2025半年度報告 (A 股 : 600585 H 股 : 00914) Anhui Conch Cement Company Limited 半年度報告 Anhui Conch Cement Company Limited (A Share: 600585 H Share: 00914) 2025 INTERIM REPORT 重要提示 一、 本公司董事會及董事、高級管理人員保證本報告內容的真實、準確、完整，不存在虛假記載、 誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 安徽海螺水泥股份有限公司 Interim Report 2025 二、 公司全體董事出席第十屆董事會第二次會議。 重要提示 安徽海螺水泥股份有限公司 半年度報告2025 1 三、 本半年度報告未經審計。 四、 本公司負責人楊軍先生、主管會計工作負責人虞水先生及會計機構負責人凡展先生聲明：保證 本報告中財務報告的真實、準確、完整。 五、 經本公司第十屆董事會第二次會議審議的2025年度中期利潤分配方案為：每股派發現金紅利 0.24元人民幣（含稅），不實施公積金轉增股本。 六、 前瞻性陳述的風險聲明：本半年度報告涉及的未來經營發展規劃等前 ...

Core Insights - The cement sector experienced a slight increase of 0.12% on September 9, with Conch Cement leading the gains [1] - The Shanghai Composite Index closed at 3807.29, down 0.51%, while the Shenzhen Component Index closed at 12510.6, down 1.23% [1] Cement Sector Performance - Conch Cement (600585) closed at 24.51, up 1.62% with a trading volume of 431,300 shares and a transaction value of 1.05 billion [1] - Other notable performers included: - Ta Pai Group (002233) at 9.14, up 1.33% [1] - Jinyou Group (601992) at 1.63, up 1.24% [1] - Fujian Cement (600802) at 5.41, up 0.74% [1] - Conversely, Wan Nian Qing (000789) closed at 5.92, down 0.17% [1] - The overall trading volume and transaction values for the cement sector were significant, indicating active market participation [1] Capital Flow Analysis - The cement sector saw a net outflow of 316 million from institutional investors, while retail investors contributed a net inflow of 350 million [2] - The detailed capital flow for specific stocks showed: - Huaxin Cement (600801) had a net outflow of 15.14 million from institutional investors [3] - Jinyou Group (601992) experienced a net inflow of 7.93 million from institutional investors [3] - Wan Nian Qing (000789) had a net inflow of 6.82 million from institutional investors [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a total revenue of 41.3 billion yuan in H1 2025, a year-on-year decrease of 9%, while the net profit attributable to shareholders increased by 31% to 4.37 billion yuan [1] - In Q2 2025, the company experienced a significant recovery in profit margins, achieving a revenue of 22.2 billion yuan, down 8% year-on-year, and a net profit of 2.56 billion yuan, up 40% year-on-year and 41% quarter-on-quarter [2] - The company’s sales volume remained stable, with a total net sales volume of 13 million tons in H1 2025, a slight decrease of 0.1% year-on-year, and a main business revenue of 34.8 billion yuan, an increase of 2% year-on-year [2] - The report highlights the steady expansion of the company's industrial chain, including successful project signings and overseas acquisitions that enhance market competitiveness [3] - The outlook for the cement industry in the second half of 2025 is positive, driven by government initiatives to accelerate infrastructure projects and optimize market competition [3] Financial Summary - The projected revenues for 2025 to 2027 are 95.4 billion yuan, 98.6 billion yuan, and 101.9 billion yuan, reflecting year-on-year growth of 5%, 3%, and 3% respectively [4] - The net profit attributable to shareholders is expected to be 9.5 billion yuan, 10.6 billion yuan, and 11.6 billion yuan for the years 2025 to 2027, indicating year-on-year growth of 24%, 11%, and 10% respectively [4] - The report provides a detailed financial forecast, including earnings per share projected at 1.80 yuan, 2.00 yuan, and 2.19 yuan for 2025 to 2027 [5]

Group 1 - The stock price of Conch Cement increased by 2.03% on September 9, reaching 24.61 CNY per share, with a trading volume of 677 million CNY and a turnover rate of 0.70%, resulting in a total market capitalization of 130.416 billion CNY [1] - Year-to-date, Conch Cement's stock price has risen by 6.68%, with a 1.86% increase over the last five trading days, a 1.36% increase over the last 20 days, and a 14.31% increase over the last 60 days [1] - As of June 30, 2025, Conch Cement reported a revenue of 41.292 billion CNY, a year-on-year decrease of 9.38%, while the net profit attributable to shareholders increased by 31.34% to 4.368 billion CNY [2] Group 2 - Conch Cement has distributed a total of 82.718 billion CNY in dividends since its A-share listing, with 16.656 billion CNY distributed in the last three years [3] - As of June 30, 2025, the number of shareholders of Conch Cement increased to 224,100, a rise of 7.12% compared to the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 193 million shares, and several ETFs, indicating a diversified institutional holding [3]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4][6]. Core Views - The company's profitability has improved on a quarter-on-quarter basis, driven by rising prices and declining fuel costs. The upcoming construction peak in September is expected to enhance market supply-demand dynamics, potentially leading to seasonal price increases in cement [4][6]. - The report forecasts the company's net profit attributable to shareholders for 2025-2027 to be 102 billion, 111 billion, and 117 billion CNY respectively [4]. Financial Performance Summary - In H1 2025, the company achieved revenue of 413 billion CNY, a year-on-year decrease of 9%, while net profit attributable to shareholders increased by 31% to 44 billion CNY [1]. - The cement and clinker business generated approximately 307 billion CNY in revenue, with a slight year-on-year increase of 1%. The average selling price per ton improved by 4 CNY to 244 CNY [2]. - The gross margin for the cement and clinker business rose to 28.7%, an increase of 6.9 percentage points year-on-year, with a per ton gross profit of 70 CNY, up by 18 CNY [2]. - The aggregate and ready-mixed concrete business saw revenues of approximately 21 billion CNY and 15 billion CNY respectively, with the latter showing a year-on-year increase of 29% [3]. Capacity and Production Summary - The company added 3.5 million tons of aggregate capacity in H1 2025, bringing total capacity to 167 million tons [3]. - The ready-mixed concrete business expanded its capacity by 5.25 million cubic meters, totaling 57.15 million cubic meters by the end of H1 2025 [3]. Profitability Metrics - The report estimates that the per ton net profit excluding non-recurring items was approximately 33 CNY in H1 2025, with a significant improvement in profitability metrics observed in Q2 2025 [3]. - The overall gross margin for the company is projected to improve, with EBITDA margins expected to rise from 14.0% in 2023 to 23.5% by 2027 [12].