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]

Core Viewpoint - China Resources Cement Technology (01313) announced significant changes in its board of directors and committee memberships effective from October 24, 2025 [1] Group 1: Board Changes - Mr. Shi Liqian has resigned as an independent non-executive director and chairman of the remuneration and nomination committee, as well as a member of the audit committee and risk and compliance committee [1] - Mr. Li Nan has been appointed as a non-executive director [1] - Mr. Deng Yihai has been promoted from a member to the chairman of the remuneration and nomination committee and has also been appointed as a member of the nomination committee [1] - Mr. Gong Xiaofeng has been appointed as a member of the remuneration and nomination committee, audit committee, and risk and compliance committee [1]

Core Viewpoint - China Resources Cement Technology (01313) reported a revenue of 15.07 billion RMB for the nine months ending September 30, 2025, representing a year-on-year decline of 4.5% while the profit attributable to shareholders increased by 7.3% to 331 million RMB, with basic earnings per share at 0.047 RMB [1] Financial Performance - Revenue for the nine-month period was 15.07 billion RMB, down 4.5% year-on-year [1] - Profit attributable to shareholders reached 331 million RMB, marking a 7.3% increase compared to the previous year [1] - Basic earnings per share were reported at 0.047 RMB [1]

Core Viewpoint - China Resources Cement Technology (01313.HK) reported a revenue of 15.0696 billion RMB for the nine months ending September 30, 2025, representing a year-on-year decrease of 4.5% [1] - The profit attributable to the company's owners was 331 million RMB, an increase of 7.3% year-on-year [1] - Basic earnings per share were 0.047 RMB [1]

智通财经APP讯，华润建材科技(01313)发布公告，自2025年10月24日起：石礼谦先生已辞任独立非执行 董事、薪酬与考核委员会主席、提名委员会成员、审核委员会成员及风险与合规委员会成员;李楠先生 获委任为非执行董事;邓以海先生由薪酬与考核委员会成员调任为薪酬与考核委员会主席，且获委任为 提名委员会成员;龚晓峰先生获委任为薪酬与考核委员会成员、审核委员会成员及风险与合规委员会成 员。 ...

格隆汇10月24日丨华润建材科技(01313.HK)发布公告，自2025年10月24日起：(1)石礼谦已辞任独立非 执行董事、薪酬与考核委员会主席、提名委员会成员、审核委员会成员及风险与合规委员会成员；(2) 李楠获委任为非执行董事；(3)邓以海由薪酬与考核委员会成员调任为薪酬与考核委员会主席，且获委 任为提名委员会成员；及(4)龚晓峰获委任为薪酬与考核委员会成员、审核委员会成员及风险与合规委 员会成员。 ...

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。 ( 於開曼群島註冊成立之有限公司 ) （股份代號：1313） 截至二零二五年九月三十日止九個月 之未經審核財務資料 | | | 截至九月三十日止九個月 | | | | | --- | --- | --- | --- | --- | --- | | | 二零二五年 | | 二零二四年 | | (減少)/ | | | （未經審核） | | （未經審核） | | 增加 | | 營業額 （人民幣百萬元） | 15,069.6 | | 15,774.6 | | (4.5)% | | 本公司擁有人應佔盈利 | | | | | | | （人民幣百萬元） | 331.0 | | 308.6 | | 7.3% | | 每股基本盈利 | 人民幣 0.047 | 元 | 人民幣 0.044 | 元 | | | | 於二零二五年 | | 於二零二四年 | | 增加 | | | 九月三十日 | | 十二月三十一日 | | | | ...

( 於開曼群島註冊成立之有限公司 ) （股份代號：1313） 董事名單與其角色和職能 華潤建材科技控股有限公司董事(「董事」)局(「董事局」)成員載列如下： 獨立非執行董事 吳錦華 顏碧蘭 鄧以海 龔曉峰 董事局設立五個專門委員會。下表提供各董事局成員在各專門委員會中所擔任的職位。 | 董事 | | | 董事局專門委員會 | | | | --- | --- | --- | --- | --- | --- | | | 戰略與投資 | 提名 | 薪酬與考核 | 審核 | 風險與合規 | | | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | | 景世青 | C | C | | | | | 謝驥 | M | | | | | | 李保軍 | | | | | | | 朱平 | | M | | | | | 于舒天 | M | | M | | | | 周波 | M | | | M | | | 鄧荣輝 | M | | | | M | | 李楠 | | | | | | | 吳錦華 | | M | M | C | M | | 顏碧蘭 | M | M | M | M | C | | 鄧以海 | | M | C | M ...

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依 賴該等內容而引致的任何損失承擔任何責任。 獨立非執行董事及董事局專門委員會主席及成員之辭任 華潤建材科技控股有限公司（「本公司」）董事（「董事」）局（「董事局」）謹此宣佈，由於其他 工作安排，自二零二五年十月二十四日起，石禮謙先生已辭任獨立非執行董事、本公司薪酬與 考核委員會（「薪酬與考核委員會」）主席、本公司提名委員會（「提名委員會」）成員、本公司 審核委員會（「審核委員會」）成員及本公司風險與合規委員會（「風險與合規委員會」）成員。 石禮謙先生已確認彼與董事局之間並無意見分歧，亦概無需要通知本公司證劵持有人及香港聯 合交易所有限公司（「聯交所」）的事項。 1 ( 於開曼群島註冊成立之有限公司 ) (股份代號 : 1313) 獨立非執行董事之辭任 及 非執行董事之委任 及 董事局專門委員會主席及成員之變更 董事局謹此宣佈，自二零二五年十月二十四日起： (1) 石禮謙先生已辭任獨立非執行董事、薪酬與考核委員會主席、提名委員會成員、審核委 員會成 ...