股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華潤建材科技控股有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01313 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | ...

Core Viewpoint - The company reported a revenue of 15.07 billion yuan for the first three quarters of 2025, a year-on-year decrease of 4.47%, while the net profit attributable to shareholders was 331 million yuan, an increase of 7.26% [1] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 4.864 billion yuan, down 10.96% year-on-year, with a net profit of 24 million yuan, a significant decline of 82.97% year-on-year [1] - For the first three quarters of 2025, the revenue from cement, concrete, and aggregate businesses was 9.135 billion, 3.102 billion, and 2.034 billion yuan, showing a year-on-year change of -12.3%, +11.9%, and +21.3% respectively [1] - The gross margin for cement, concrete, and aggregate businesses was 17.1%, 14.7%, and 25.4%, with year-on-year changes of +4.5, +2.3, and -13.2 percentage points respectively [1] Group 2: Business Segment Analysis - Cement business faced declines in both volume and price, with sales of 39.427 million tons in the first three quarters of 2025, down 10.1% year-on-year, and a price drop of 6 yuan per ton [2] - Concrete business saw a significant increase in sales, with 10.464 million cubic meters sold in the first three quarters, up 26.2% year-on-year, while the gross margin increased by 2 yuan per ton [2] - Aggregate business also experienced high sales growth, with 58.593 million tons sold in the first three quarters, up 26.6% year-on-year, although the gross margin decreased by 5 yuan per ton [2] Group 3: Cost and Expense Management - Management expenses increased, leading to higher costs; for the first three quarters of 2025, the company’s per-ton expenses rose by 12 yuan to 60 yuan [2] - In Q3 2025, the per-ton expenses increased by 3 yuan to 50 yuan, with specific increases in sales, management, and financial expenses [2] Group 4: Investment Outlook - The company is positioned as a leading cement producer in South China, with enhanced cost control capabilities, and is expected to benefit from policies aimed at reducing overcapacity and promoting cement price recovery [3] - Projected net profits for 2025-2027 are 447 million, 634 million, and 946 million yuan, with corresponding EPS of 0.06, 0.09, and 0.14 yuan [3]

Investment Rating - The report maintains a "Buy" rating for China Resources Cement Technology (01313.HK) [3][6] Core Views - The company experienced a decline in both volume and price in the cement sector, leading to performance pressure, while cost control measures continue to be effective [3][4] - The company is expected to benefit from policies aimed at reducing overcapacity and promoting price recovery in the cement market [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 15.07 billion yuan, a year-on-year decrease of 4.47%, while net profit attributable to shareholders was 331 million yuan, an increase of 7.26% [1][6] - In Q3 alone, revenue was 4.864 billion yuan, down 10.96% year-on-year, and net profit was 24 million yuan, down 82.97% year-on-year [1][6] Business Segments 1. **Cement Business**: - Revenue for the first three quarters was 9.135 billion yuan, down 12.3% year-on-year, with a gross margin of 17.1%, up 4.5 percentage points [1] - In Q3, revenue was 2.886 billion yuan, down 18.2% year-on-year, with a gross margin of 10.6%, down 3 percentage points [1] 2. **Concrete Business**: - Revenue for the first three quarters was 3.102 billion yuan, up 11.9% year-on-year, with a gross margin of 14.7%, up 2.3 percentage points [2] - In Q3, revenue was 1.020 billion yuan, down 1.4% year-on-year, with a gross margin of 16.1%, up 4.1 percentage points [2] 3. **Aggregate Business**: - Revenue for the first three quarters was 2.034 billion yuan, up 21.3% year-on-year, with a gross margin of 25.4%, down 13.2 percentage points [2] - In Q3, revenue was 719 million yuan, up 21.7% year-on-year, with a gross margin of 25.6%, down 11.5 percentage points [2] Cost Management - The company has seen an increase in management expenses, with per-ton expenses rising by 12 yuan to 60 yuan for the first three quarters of 2025 [2] - In Q3, per-ton expenses increased by 3 yuan to 50 yuan [2] Future Outlook - The company is projected to achieve net profits of 447 million yuan, 634 million yuan, and 946 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.06, 0.09, and 0.14 yuan [3][4]

Group 1 - The core viewpoint of the report indicates that due to the inclusion of G&A expenses, the fixed asset impairment for the first half of the year will exceed 100 million yuan, while there were no corresponding provisions in the same period last year [1] - The company's cement sales and prices may be lower than previously expected, leading to a downward revision of the earnings per share forecast for the next two years by 66% and 48%, resulting in estimates of 0.06 HKD and 0.11 HKD respectively [1] - The firm maintains a "outperform" rating for the company but has reduced the target price by 12% to 2.2 HKD [1]

（文章来源：每日经济新闻） 每经AI快讯，华润建材科技(01313.HK)绩后跌超4%，截至发稿，跌4.49%，报1.7港元，成交额3175.08 万港元。 ...

Group 1 - The core viewpoint of the article indicates that China Resources Cement Technology (01313) experienced a decline of over 4% in stock price following the release of its financial results, with a current price of 1.7 HKD and a trading volume of 31.75 million HKD [1] - For the nine months ending September 30, 2025, the company reported a revenue of 15.07 billion RMB, representing a year-on-year decrease of 4.5% [1] - The profit attributable to the company's owners was 331 million RMB, showing a year-on-year increase of 7.3%, with basic earnings per share at 0.047 RMB [1] Group 2 - According to CICC's research report, the Q3 2025 performance of China Resources Cement Technology was largely in line with expectations [1] - The total sales volume of cement clinker in Q3 2025 decreased by 5.3% year-on-year to 14.12 million tons, while the industry's total cement output fell by 6.6%, indicating that the company's sales decline was slightly less than that of its peers [1] - The average price per ton of cement clinker in Q3 2025 decreased by 32 RMB to 205 RMB, while the cost per ton also fell by 32 RMB to 173 RMB, resulting in a gross profit per ton of 32 RMB, which remained stable at a low level [1] - The company continues to face pressure in its main cement business due to weak seasonal demand and increasing supply-demand imbalances [1]

Core Viewpoint - China Resources Cement Technology (01313) experienced a decline of over 4% in stock price following the release of its financial results, indicating market concerns about its performance amidst a challenging industry environment [1] Financial Performance - For the nine months ending September 30, 2025, the company reported a revenue of 15.07 billion RMB, a year-on-year decrease of 4.5% [1] - The profit attributable to shareholders was 331 million RMB, reflecting a year-on-year increase of 7.3% [1] - Basic earnings per share were reported at 0.047 RMB [1] Operational Metrics - In Q3 2025, the total sales volume of cement clinker decreased by 5.3% year-on-year to 14.12 million tons, while the overall cement production in the industry fell by 6.6% [1] - The average selling price per ton of cement clinker decreased by 32 RMB to 205 RMB, and the cost per ton also decreased by 32 RMB to 173 RMB [1] - The gross profit per ton remained stable at 32 RMB, indicating persistent low margins due to weak seasonal demand and increasing supply-demand imbalances [1]

Core Viewpoint - CICC has downgraded the EPS estimates for China Resources Cement Technology (01313) for 2025 and 2026 by 66% and 48% to 0.06 CNY and 0.11 CNY respectively, due to over 100 million CNY fixed asset impairment in the first half of the year, which was not present in the same period last year [1] Group 1: Financial Performance - The company's Q3 2025 performance was in line with expectations, with a revenue decline of 11% year-on-year to 4.86 billion CNY and a net profit drop of 83% to 24.32 million CNY [2] - In Q3 2025, the total sales volume of cement clinker decreased by 5.3% year-on-year to 14.12 million tons, which was a smaller decline compared to the industry average of 6.6% [2] - The average price per ton of cement clinker in Q3 2025 was 205 CNY, with a cost of 173 CNY per ton, resulting in a gross profit of 32 CNY per ton, remaining at a low level due to weak seasonal demand [2] Group 2: Business Segments - The sales volume of concrete and aggregates grew rapidly in Q3 2025, with increases of 11% and 32% year-on-year respectively [3] - The gross profit per ton for concrete increased by 7 CNY to 46 CNY, while the gross profit for aggregates decreased by 5 CNY year-on-year to 8.3 CNY [3] Group 3: Cost and Expenses - The total cost per ton of cement clinker increased by 3 CNY year-on-year to 50 CNY, with sales, management, and financial expense ratios rising by 0.2 percentage points, 1.9 percentage points, and decreasing by 0.5 percentage points respectively [4] Group 4: Market Outlook - The industry may see price increases in November and December, with companies actively implementing staggered kiln shutdowns, indicating potential for price recovery [5] - Looking ahead to next year, if the industry strictly limits overproduction, the utilization rate of clinker capacity could rise to around 60%, enhancing profit potential in the southern market [5] - The company has fully accounted for fixed asset impairments this year and will focus on core operations, suggesting potential for performance recovery in 2025 due to a low base [5]

Core Viewpoint - China Resources Building Materials Technology Holdings reported a significant decline in revenue and net profit for 3Q25, largely in line with expectations, indicating ongoing challenges in the cement market due to weak demand and rising supply-demand imbalances [1][2]. Group 1: Financial Performance - Revenue fell 11% YoY to Rmb4.86 billion, while attributable net profit dropped 83% YoY to Rmb24.32 million [1]. - The firm's total sales volume of cement and clinker decreased 5.3% YoY to 14.12 million tonnes, which was a milder decline compared to the industry's 6.6% drop [1]. - The per-tonne average selling price (ASP) of cement and clinker decreased Rmb32 YoY to Rmb205, while the per-tonne cost also fell Rmb32 YoY to Rmb173, resulting in a stable per-tonne gross profit of Rmb32 [1]. Group 2: Business Segments - Sales volume for concrete and aggregate businesses increased significantly, with concrete sales rising 11% and aggregate sales up 32% YoY in 3Q25 [2]. - The unit gross profit for the concrete business increased Rmb7 YoY to Rmb46 per cubic meter, while the per-tonne gross profit for aggregates fell Rmb5 YoY to Rmb8.3 [2]. Group 3: Expense and Cost Management - The expense ratio for cement and clinker rose, with expenses per tonne increasing Rmb3 YoY to Rmb50 [3]. - Selling, general and administrative (G&A), and financial expense ratios changed by +0.2 percentage points, +1.9 percentage points, and -0.5 percentage points YoY, respectively [3]. Group 4: Industry Outlook - The cement industry is preparing for potential price hikes in November-December, with expectations that the "anti-involution" campaign may support earnings recovery [3]. - The utilization rate of clinker capacity is projected to rise to about 60% by 2026 if overproduction restrictions are strictly implemented [3]. - Management is focusing on strengthening profit margins and prioritizing pricing strategies, indicating potential upside for profit per tonne in southern China [3]. Group 5: Valuation and Forecast - EPS forecasts for 2025 and 2026 have been cut by 66% and 48% to Rmb0.06 and Rmb0.11, respectively, due to fixed asset impairments and lower-than-expected sales volume and prices [4]. - The stock is currently trading at 28x 2025 estimated P/E and 14x 2026 estimated P/E, with a target price cut by 12% to HK$2.2, implying a 34x 2025 estimated P/E and 17x 2026 estimated P/E with a 24% upside [4].

Performance Review - The company's Q3 2025 performance is in line with expectations, with a revenue decline of 11% year-on-year to 4.86 billion yuan and a net profit drop of 83% to 24.32 million yuan [1] - Cement demand is weak in the off-season, with the company's cement clinker total sales decreasing by 5.3% year-on-year to 14.12 million tons, which is a smaller decline compared to the industry average of 6.6% [1] - The average price per ton of cement clinker decreased by 32 yuan to 205 yuan, while the cost per ton also fell by 32 yuan to 173 yuan, resulting in a gross profit per ton of 32 yuan, remaining stable at a low level [1] Business Segments - The aggregate and concrete business saw rapid growth, with concrete and aggregate sales increasing by 11% and 32% year-on-year, respectively [1] - The gross profit margin for concrete increased by 7 yuan to 46 yuan, while the gross profit per ton for aggregates decreased by 5 yuan year-on-year and 1 yuan quarter-on-quarter to 8.3 yuan [1] - The company anticipates that the profitability of the aggregate segment may face pressure as industry capacity is released in 2025-2026 [1] Cost and Expenses - The overall expense per ton of cement clinker increased slightly, with total expenses rising by 3 yuan year-on-year to 50 yuan, driven by increases in sales and management expenses [1] Industry Trends - The industry may see price increases in November-December, with potential for profit recovery due to proactive measures like staggered kiln shutdowns [2] - Looking ahead to next year, if the industry strictly limits overproduction, the utilization rate of clinker capacity could rise to around 60%, enhancing profit potential in the southern market [2] Earnings Forecast and Valuation - The company has adjusted its earnings per share (EPS) estimates for 2025 and 2026 down by 66% and 48% to 0.06 yuan and 0.11 yuan, respectively, due to lower-than-expected performance in volume and price [2] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 28x for 2025 and 14x for 2026, with a target price adjustment of 12% down to 2.2 HKD, implying a 24% upside potential [2]