智通财经APP讯，山水水泥(00691)发布截至2025年6月30日止六个月业绩，营业收入55.54亿元(人民 币，下同)，同比下降15.4%;股东应占亏损2.50亿元，同比收窄52.8%;每股基本亏损0.06元。 于报告期间，集团亏损净额同比减少，主要由于本期水泥价格同比上升，且生产、销售、管理及财务等 各项费用皆有不同程度下降所致。 期内，营业收入减少主要由于本期受市场需求疲弱，水泥销量下降幅度大于销价提升幅度所致。 ...

Core Viewpoint - The company reported a decline in revenue and a reduced net loss, indicating challenges in the cement market due to weak demand and pricing dynamics [1] Financial Performance - Revenue for the six months ending June 30, 2025, was 5.554 billion RMB, a year-on-year decrease of 15.4% [1] - The loss attributable to shareholders was 250 million RMB, which represents a year-on-year reduction of 52.8% [1] - Basic loss per share was 0.06 RMB [1] Market Dynamics - The decrease in revenue was primarily due to weak market demand, with cement sales volume declining more than the increase in selling prices [1] - The reduction in net loss was mainly attributed to a year-on-year increase in cement prices and a decrease in various expenses related to production, sales, management, and finance [1]

Core Viewpoint - The company reported a decline in revenue and a reduced loss for the first half of 2025 compared to the same period last year, indicating challenges in the market demand for cement [1] Financial Performance - The company's revenue for the first half of 2025 is approximately RMB 5.55 billion, a decrease of 15.4% compared to the same period last year [1] - The loss attributable to shareholders for the first half of 2025 is approximately RMB 250 million, an improvement from a loss of RMB 530 million in the same period last year [1] - The basic loss per share for the first half of 2025 is RMB 0.06 [1] Sales Composition - Cement and clinker sales accounted for 92.5% of total revenue in the first half of 2025, up from 91.1% in 2024 [1] - Ready-mixed concrete sales contributed 3.4% to total revenue in the first half of 2025, down from 5.3% in 2024 [1] Market Conditions - The decrease in revenue is primarily attributed to weak market demand, with a decline in cement sales volume exceeding the increase in selling prices [1]

截 至2025年6月30日止六個月之中期業績公告 摘 要 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 虧 損 承 擔 任 何 責 任。 – 2 – 簡明綜合損益及其他綜合收益表 截 至2025年6月30日 止 六 個 月－未 經 審 核 中 國 山 水 水 泥 集 團 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 公 佈 本 公 司 及 其 附 屬 公 司（「本集團」）截 至2025年6月30日 止 六 個 月（「報告期」）的 綜 合 業 績 及2024年 同 期 可 比 較 期 間 未 經 審 核 的 財 務 數 據。本 集 團 截 至2025年6月30日止六個月的未經 審 核 的 簡 明 綜 合 財 務 報 表 已 獲 董 事 會 轄 下 審 核 委 員 會（「審核委員會」）審 閱 及 董 ...

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7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: 中國山水水泥集團有限公司 呈交日期: 2025年8月5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) | 00691 | 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 | USD | | 0.01 USD | | | 100,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.01 USD | | | 100,000,000 | 本月底法 ...

Group 1 - The company, Shanshui Cement (00691.HK), announced that its board of directors will hold a meeting on August 11, 2025, to consider and approve the group's interim results for the six months ending June 30, 2025 [1] - The board will also discuss the distribution of an interim dividend, if any, along with other matters [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。 董事會會議召開日期 香 港，2025年7月30日 於 本 公 告 日 期，董 事 會 成 員 包 括 三 名 執 行 董 事，即 滕 永 軍 先 生、吳 玲 綾 女 士 及 鄭 瑩 瑩 女 士；以 及 三 名 獨 立 非 執 行 董 事，即 張 銘 政 先 生、李 建 偉 先 生 及 許 祐 淵 先 生。 中 國 山 水 水 泥 集 團 有 限 公 司（「本公司」）及 其 附 屬 公 司（「本集團」）董 事 會（「董 事 會」）茲 通 告 謹 定 於2025年8月11日（星 期 一）舉 行 董 事 會 會 議，以 考 慮 及 通過本集團截至2025年6月30日 止 的 六 個 月 中 期 業 績，及 派 發 中 期 股 息（如 有），以 及 處 理 其 他 事 項。 承董事會命 中國山水水泥集團有限公司 主 席 滕永軍 – 1 – ...

Core Insights - The event on May 15 marked a significant milestone in the large-scale implementation of autonomous driving technology in open-pit mining, showcasing the transformation of science fiction into reality [2][12] - The project aims to provide a replicable and scalable green intelligent transportation solution for the mining industry, aligning with national and provincial government initiatives [2][8] Group 1: Project Overview - The project involves the introduction of 19 new energy autonomous mining trucks, which will enhance the high-end, intelligent, and green transformation of the Pingyin Shanshui limestone mine starting from August 2024 [2][4] - The autonomous trucks have been operational for six months, achieving an average of over 11,000 kilometers in autonomous transport per vehicle, with a 100% operational efficiency to meet production needs [4][10] Group 2: Technological Integration - The project utilizes a collaborative model involving multiple companies, including Yanzhou Zhongcai, Yutong Mining Trucks, and China Mobile, to create a closed-loop system of technology, scenarios, and industry [4][5] - The autonomous driving technology is adapted to the mining environment through lightweight modifications, allowing seamless integration with existing facilities and enhancing operational efficiency [5][10] Group 3: Environmental Impact - The project has led to a reduction of 78% in direct production personnel, significantly lowering labor and management costs [4][8] - The implementation of autonomous trucks has resulted in a cumulative carbon emission reduction of approximately 1,500 tons, demonstrating a dual benefit of economic and environmental efficiency [10][12] Group 4: Future Prospects - The initiative aligns with China's "dual carbon" strategy, accelerating the shift towards green and intelligent mining practices, which are essential for high-quality development in the mining sector [7][8] - The success of this project serves as a benchmark for the construction of green intelligent mines in China, showcasing the potential for technological advancements to drive sustainable practices in the industry [13]

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 14,509,866, a decrease of 20.5% compared to RMB 18,116,387 in 2023[10] - Gross profit increased to RMB 2,093,842, with a gross margin of 14.4%, up from 10.6% in the previous year[10] - Operating profit was RMB 182,404, representing an operating margin of 1.3%, a significant recovery from an operating loss of RMB 646,555 in 2023[10] - The net loss attributable to shareholders was RMB 140,608, compared to a loss of RMB 883,959 in 2023, indicating an improvement in financial performance[10] - The company reported a basic loss per share of RMB 0.03, an improvement from a loss of RMB 0.20 per share in the previous year[10] Market Outlook - Future guidance indicates a cautious optimism with expectations of gradual recovery in the construction materials market[10] - The continuous decline in cement demand is primarily due to a significant drop in real estate investment and insufficient funding for infrastructure projects[49] - The market outlook remains challenging due to ongoing economic pressures and reduced construction activities[49] - The company anticipates that the cement industry will experience a recovery in profitability in 2025, driven by enhanced industry self-discipline and production capacity management policies[96] Operational Efficiency - The company plans to focus on market expansion and new product development to drive future growth[10] - The company is investing in new technologies to improve production processes and reduce costs[10] - The gross profit margin has shown a positive trend, increasing from 10.6% in 2023 to 14.4% in 2024, reflecting improved operational efficiency[10] - The company plans to focus on improving operational efficiency and management effectiveness as part of its "Efficiency Improvement Year" initiative[101] Production and Sales - Cement sales volume decreased to 44,957 thousand tons in 2024 from 52,612 thousand tons in 2023, a decline of 14.5%[15] - The average selling price of cement was RMB 261.9 per ton in 2024, down from RMB 270.1 per ton in 2023, a decrease of 4.1%[15] - The clinker sales volume decreased to 6,826 thousand tons in 2024 from 10,338 thousand tons in 2023, a decline of 34.5%[15] - The sales volume of high-grade cement was 42,130,000 tons, a decrease of 14.2% year-on-year, while low-grade cement sales volume fell by 19.7% to 2,827,000 tons[62] Financial Position - Total assets decreased to RMB 30,222,319 thousand in 2024 from RMB 30,773,414 thousand in 2023, a decline of 1.8%[12] - Total liabilities decreased slightly to RMB 12,030,113 thousand in 2024 from RMB 12,370,050 thousand in 2023, a reduction of 2.8%[12] - The net debt-to-equity ratio increased to 14.9% in 2024 from 13.5% in 2023, indicating a rise in financial leverage[12] - Cash and cash equivalents decreased from RMB 2,254,037,000 to RMB 2,179,627,000, reflecting a net decrease of RMB 82,793,000 during the year[85] Strategic Initiatives - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[10] - The company plans to continue expanding its product diversification strategy, moving from a single product focus to a more varied product offering[18] - The company aims to strengthen its competitive position in the market through mergers and acquisitions, as well as strategic partnerships[34] - The company will prioritize green transformation by establishing a carbon management mechanism and increasing the utilization rate of alternative raw materials[102] Corporate Governance - The company has complied with relevant laws and regulations that significantly impact its business and operations[130] - The board of directors has received annual confirmation letters regarding the independence of all independent non-executive directors[118] - The company is committed to maintaining high standards of corporate governance to enhance shareholder value and ensure transparency[184] - The board regularly reviews corporate governance policies and practices to protect shareholder interests and enhance corporate value[186] Employee and Management - The group has a total of 14,700 employees as of December 31, 2024[183] - The group adheres to a compensation policy based on employee performance, qualifications, and capabilities[180] - The management team has a diverse educational background, including degrees from prestigious institutions such as the University of California, Los Angeles, and Tongji University[169] - The company emphasizes the importance of retaining and attracting talent through its stock options plan, which is crucial for its growth and development[159]

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was approximately RMB 14,509,866,000, a decrease of 19.9% compared to RMB 18,116,387,000 in 2023[4] - The operating profit for 2024 was approximately RMB 182,404,000, a significant recovery from an operating loss of RMB 646,555,000 in 2023[4] - The net loss attributable to shareholders for 2024 was approximately RMB 140,608,000, compared to a net loss of RMB 883,959,000 in 2023[4] - Basic loss per share for 2024 was RMB 0.03, improving from a basic loss per share of RMB 0.20 in 2023[4] - Gross profit for 2024 was RMB 2,093,842,000, an increase from RMB 1,912,607,000 in 2023[5] - The company reported a total of RMB 111.474 million in government grants for 2024, compared to RMB 161.097 million in 2023, reflecting a decline in financial support[35] - The net loss for the year was RMB 189,041,000, a significant improvement from a net loss of RMB 1,050,106,000 in 2023, representing a reduction of 82.0%[101] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 20,969,057,000, compared to RMB 20,037,834,000 in 2023[9] - The company’s total liabilities decreased from RMB 10,735,580,000 in 2023 to RMB 9,253,262,000 in 2024[9] - The company’s cash and cash equivalents decreased from RMB 2,254,037,000 in 2023 to RMB 2,179,627,000 in 2024[9] - Non-current liabilities increased to RMB 2,776,851 thousand in 2024 from RMB 1,634,470 thousand in 2023, representing a growth of approximately 70%[10] - Net assets decreased to RMB 18,192,206 thousand in 2024 from RMB 18,403,364 thousand in 2023, a decline of about 1.14%[10] - Total equity attributable to shareholders decreased to RMB 18,175,647 thousand in 2024 from RMB 18,329,334 thousand in 2023, reflecting a decrease of approximately 0.84%[10] - The total interest-bearing bank loans as of December 31, 2024, were RMB 5,365,460,000, of which RMB 3,797,750,000 is due within 12 months from the reporting date[21] Revenue Breakdown - The group's revenue from cement sales decreased to RMB 11,773,070,000 in 2024 from RMB 14,208,432,000 in 2023, representing a decline of approximately 17.1%[27] - Revenue from clinker sales also fell to RMB 1,501,593,000 in 2024, down from RMB 2,238,501,000 in 2023, a decrease of about 32.9%[27] - Cement sales accounted for 81.1% of total sales in 2024, down from 78.4% in 2023, with a sales amount of RMB 11,773,070,000, reflecting a year-on-year decline of 17.1%[95] - The company's cement and clinker sales amounted to 51,783,000 tons, a decrease of 17.7% year-on-year, while ready-mixed concrete sales fell by 25.5% to 2,272,000 cubic meters[92] Cost Management - The cost of goods sold (COGS) dropped significantly from RMB 16,195,885 thousand in 2023 to RMB 12,397,879 thousand in 2024, representing a decrease of about 23.0%[46] - Gross profit for 2024 was RMB 2,093,842,000, with a gross margin of 14.4%, up from 10.6% in 2023, attributed to a significant decrease in raw material and fuel costs[96] - The group's cost of sales decreased to RMB 12,416,024,000 in 2024 from RMB 16,203,780,000 in 2023, primarily due to lower export volumes and unit production costs[96] Legal and Regulatory Matters - The company faces several lawsuits from suppliers claiming unpaid balances totaling RMB 40,412,000 as of December 31, 2024, down from RMB 54,781,000 in 2023[62] - The company is currently involved in a winding-up petition in the Cayman Islands initiated by a shareholder, Tianrui (International) Holdings Limited[63] - The company has received a summons from Tianrui Group regarding alleged loans totaling the amount claimed in the announcement made on July 18, 2023[71] - The company is actively contesting the claims made in the Cayman Islands and is represented by legal counsel[63] Market Conditions - In 2024, China's cement production reached 1.825 billion tons, a year-on-year decrease of 9.5%, marking the lowest output in 15 years[76] - Cement demand continued to decline by 10% year-on-year, primarily due to a significant drop in new real estate projects and insufficient funding for infrastructure[81] - The cement industry is expected to face a decline in demand of approximately 5%-7% in 2025 compared to 2024, despite a stabilization in the real estate market[120] - The company plans to consolidate ongoing litigation with a previous case from 2019, which may impact its legal strategy moving forward[72] Future Outlook - The group aims to enhance operational efficiency and management effectiveness as part of its "Efficiency Improvement Year" initiative in 2025[123] - The company will focus on cost management by optimizing production costs and enhancing procurement strategies[124] - The group will continue to strengthen its product development efforts to enhance value-added offerings and customer retention[124] - The company will integrate online and offline sales channels to improve service reach and precision in production and sales alignment[124]