Core Viewpoint - China Resources Cement Technology (stock code: 01313) has signed a maximum guarantee contract with China Resources Bank, providing a 50% guarantee for bank credit extended to Yunnan Cement, a joint venture between China Resources Cement Technology and Kunsteel Holdings [1] Group 1: Company Performance - As of December 22, 2025, the stock closed at 1.57 yuan, up 0.64% from the previous trading day, with a trading volume of 5.4693 million yuan [1] - The stock's 52-week high is 2.19 yuan and the low is 1.37 yuan [1] Group 2: Financial Agreement - The guarantee covers a maximum bank credit principal of 730 million yuan, including related interest, penalties, and costs for enforcing claims, with a guarantee cap of 400 million yuan [1] - The guarantee is structured as a joint liability guarantee, with a guarantee period of two years from the expiration of the credit [1] Group 3: Related Transactions - The transaction is classified as a continuing connected transaction, as China Resources Bank is an affiliate of the company's ultimate controlling shareholder, China Resources, which holds approximately 49.77% of the shares [1] - The transaction has been approved by the board of directors and is deemed fair and reasonable, aligning with the overall interests of the company and its shareholders [1] - According to listing rules, the transaction is exempt from circulars, independent financial opinions, and independent shareholder approvals, only requiring compliance with reporting, announcement, and annual review requirements [1]

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分 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。 （於開曼群島註冊成立之有限公司） （股份代號：1313） 持續關連交易 提供擔保 雲南水泥是一家由華潤建材科技及昆鋼控股分別持有50%及50%股權的合資公司。就 由華潤銀行向雲南水泥提供的銀行授信，華潤建材科技及昆鋼控股同意按各自持有的 雲南水泥50%股權比例，分别就銀行授信項下華潤銀行對雲南水泥享有的所有債權向 華潤銀行提供相應比例的擔保。據此，於二零二五年十二月十九日，華潤建材科技與 華潤銀行江門分行簽訂保證合同。 保證合同項下的擔保範圍為被擔保債權之50%，預計合計金額總計不超過人民幣 400,000,000元。被擔保債權包括銀行授信本金最高額人民幣730,000,000元、利息、複 利、罰息、違約金、損害賠償金、遲延履行期間債務利息以及實現債權的相關費用。 由於上市規則第14.07條所載有關保證合同項下擔保金額上限之適用百分比率超過 0.1%但低於5%，故保證合同項下擬進行的持續關連交易僅須遵守 ...

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11月30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12月1日 | 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 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 6,982,937,817 | | 0 | | 6,982,937,817 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 6,982,937,817 | | 0 | | 6,982,937,817 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分類 | ...

华润建材科技(01313)午前跌近3%，截至发稿，跌2.31%，报1.69港元，成交额732.64万港元。 消息面上，近期华润建材科技发布2025年三季度业绩，长江证券表示，从公司层面上看，华润建材科技 2025年前3季度水泥和熟料合计销量3943万吨，同比下降10%，水泥销量降幅大于行业，体现出公司积 极维护市场价格体系的自律担当;价格232元/吨，同比下降6元/吨。财务层面上看，前三季度公司综合毛 利率为16.9%，较2024年同期的15.2%增加1.7个百分点。毛利率增加主要由于水泥产品销售成本较2024 年同期下降所致，但部分被骨料及其他分部的毛利率下降所抵消。 长江证券认为，就目前反内卷来看，水泥行业更多是围绕超产治理进行布局，有望出清一部分产能;更 重要在于，若严格按照备案产能生产，有望对生产秩序进行一定优化，真实产能利用率或一定改善。对 于过往产能利用率偏高的广东区域，边际供需改善带来的价格弹性值得期待。 ...

智通财经APP获悉，华润建材科技(01313)午前跌近3%，截至发稿，跌2.31%，报1.69港元，成交额 732.64万港元。 长江证券认为，就目前反内卷来看，水泥行业更多是围绕超产治理进行布局，有望出清一部分产能;更 重要在于，若严格按照备案产能生产，有望对生产秩序进行一定优化，真实产能利用率或一定改善。对 于过往产能利用率偏高的广东区域，边际供需改善带来的价格弹性值得期待。 消息面上，近期华润建材科技发布2025年三季度业绩，长江证券表示，从公司层面上看，华润建材科技 2025年前3季度水泥和熟料合计销量3943万吨，同比下降10%，水泥销量降幅大于行业，体现出公司积 极维护市场价格体系的自律担当;价格232元/吨，同比下降6元/吨。财务层面上看，前三季度公司综合毛 利率为16.9%，较2024年同期的15.2%增加1.7个百分点。毛利率增加主要由于水泥产品销售成本较2024 年同期下降所致，但部分被骨料及其他分部的毛利率下降所抵消。 ...

Core Viewpoint - The company reported a revenue of 15.1 billion, a year-on-year decrease of 4.5%, while net profit reached 330 million, a year-on-year increase of 7.3%. However, the estimated net profit for Q3 2025 is 24 million, down 83% from 143 million in the same period last year [1][2]. Industry Overview - The cement industry is expected to face continued pressure in 2025, with national cement production in the first three quarters of 2025 at 1.259 billion tons, a year-on-year decrease of 5.2%. In September alone, production was 154 million tons, down 8.6% year-on-year [1]. - In the Guangdong and Guangxi markets, cement production growth rates for the first three quarters were -2.3% and -1.8%, respectively, which is better than the national average [1]. Company Performance - For the first three quarters of 2025, the company's total cement and clinker sales were 39.43 million tons, a year-on-year decrease of 10%, indicating a decline greater than the industry average. The average price was 232 yuan per ton, down 6 yuan year-on-year [1]. - Concrete sales increased by 26% to 10.46 million cubic meters, with an average price of 296 yuan per cubic meter, down 38 yuan year-on-year [1]. - Aggregate sales reached 58.59 million tons, a year-on-year increase of 27%, with an average price of 34.7 yuan per ton, down approximately 2 yuan year-on-year [1]. Financial Metrics - The company's overall gross margin for the first three quarters of 2025 was 16.9%, an increase of 1.7 percentage points from 15.2% in the same period of 2024. This increase was primarily due to a decrease in the cost of cement product sales compared to 2024, although it was partially offset by a decline in gross margins for aggregates and other segments [2]. - The gross margins for cement products, concrete, and aggregates were 17.1%, 14.7%, and 25.4%, respectively, compared to 12.6%, 12.4%, and 38.6% in 2024 [2]. - Operating expenses, particularly management fees, have increased overall [2]. Future Outlook - The company anticipates that supply-side governance will provide price recovery elasticity. The cement industry is focusing on overproduction governance, which may lead to the elimination of some production capacity. Strict adherence to approved production capacity could optimize production order and improve actual capacity utilization [2]. - For 2025-2026, the expected net profits are 510 million and 830 million, corresponding to price-to-earnings ratios of 21 and 13 times, respectively, with a buy rating [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's fundamentals are under pressure, compounded by increased management expenses, leading to a decline in profitability [4][5]. - In Q3 2025, the company reported revenue of 15.1 billion, a year-on-year decrease of 4.5%, while net profit was 330 million, a year-on-year increase of 7.3%. However, the estimated net profit attributable to the company for Q3 2025 is 24 million, down 83% from 143 million in the same period last year [2][4]. Summary by Sections Revenue and Profitability - The company achieved a revenue of 15.1 billion in Q3 2025, which is a 4.5% decrease year-on-year. The net profit for the same period was 330 million, reflecting a 7.3% increase year-on-year. However, the estimated net profit attributable to the company for Q3 2025 is 24 million, down 83% from 143 million in the same period last year [2][4][5]. Industry Analysis - The cement industry is expected to remain under pressure in 2025, with the company actively maintaining market order. The company's sales volume decreased more than the industry average, indicating a commitment to price stability. In the first three quarters of 2025, the national cement production was 1.259 billion tons, a year-on-year decrease of 5.2% [5]. - In the Guangdong and Guangxi markets, cement production growth rates for the first three quarters were -2.3% and -1.8%, respectively, performing better than the national average [5]. Financial Metrics - The company's overall gross margin for the first three quarters of 2025 was 16.9%, an increase of 1.7 percentage points compared to 15.2% in the same period of 2024. This increase was primarily due to a decrease in the cost of cement product sales compared to the previous year, although it was partially offset by a decline in the gross margin of aggregates and other segments [6]. - The gross margins for cement products, concrete, and aggregates in the first three quarters of 2025 were 17.1%, 14.7%, and 25.4%, respectively, compared to 12.6%, 12.4%, and 38.6% in the same period of 2024 [6]. Future Outlook - The company anticipates that supply-side governance will provide price recovery elasticity. The cement industry is focusing on overproduction governance, which may lead to the elimination of some production capacity. If production is strictly aligned with registered capacity, it could optimize production order and improve actual capacity utilization [6]. - The expected earnings for 2025 and 2026 are 510 million and 830 million, respectively, corresponding to price-to-earnings ratios of 21 and 13 times [6].

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]