财面儿·中报洞见丨上峰水泥：行业集中度稳步提升，错峰生产等措施推动产能优化

Core Viewpoint - The company reported a mixed performance in the first half of the year, with a decline in revenue but significant growth in net profit and cash flow, indicating resilience in its operations despite market challenges [1][2]. Financial Performance - The company achieved total revenue of 2.272 billion yuan, a year-on-year decrease of 5.02% [1] - The net profit attributable to shareholders was 247 million yuan, an increase of 44.53% year-on-year [1] - The net profit after deducting non-recurring items was 282 million yuan, up 33.47% year-on-year [1] - The net cash flow from operating activities was 476 million yuan, reflecting a growth of 23.99% year-on-year [1] Sales and Product Performance - Sales of the main products, cement and clinker, saw slight declines, with clinker external sales at 1.8761 million tons, down 8.14% year-on-year, and cement sales at 7.0308 million tons, down 3.10% year-on-year [1] - Average selling prices for main products increased, with clinker prices up 7.69% and cement prices up 0.34% year-on-year [1] - The company sold 5.1906 million tons of sand and gravel aggregates, a year-on-year increase of 37.46% [1] - The company processed 7.85 thousand tons of hazardous waste and achieved revenue of 51.0192 million yuan from waste disposal [1] - Solar power generation reached 14.1637 million kWh, a 92.1% increase year-on-year, while energy storage discharge was 1.2757 million kWh, up 182% [1] Industry Outlook - The cement industry is stabilizing after years of competition, with a recovery in market conditions expected due to capacity replacement and the implementation of "dual carbon" policies [2] - The Ministry of Industry and Information Technology plans to release a growth stabilization plan for key industries, including cement, which will promote structural adjustments and the elimination of outdated capacity [2] - The company is optimistic about future market trends, despite some regional price declines, as certain areas are showing improvement [2] Operational Strategy - The company's operational strategy focuses on increasing revenue, reducing costs, controlling expenses, and enhancing efficiency through refined management and technological innovation [3] - The comprehensive energy consumption has decreased to below 100 kg of standard coal per ton, and the company has maintained a cost competitiveness and gross margin at an industry-leading level [3] - The company anticipates improved supply-demand dynamics as the traditional peak season approaches in September and the fourth quarter [3]