上峰水泥董事长俞锋：传统主业筑基 打造产业投资“第二曲线”

Core Viewpoint - The company has achieved industry-leading ROE for five consecutive years through operational efficiency rather than scale expansion, positioning its cement business as a cash flow fortress while strategically investing in new sectors like semiconductors [2][3][4]. Group 1: Main Business Foundation - The company has established a competitive advantage in the mature cement industry, achieving an average ROE of 17.83% over the past five years and maintaining high profit margins despite not being the largest player [3][4]. - The company controls over 900 million tons of limestone resources, ensuring cost efficiency and a robust national layout that enhances risk resilience [4]. Group 2: Strategic Transition - The company has initiated a systematic investment in the semiconductor industry since 2020, with over 2 billion yuan invested across nearly 30 projects, including 20 semiconductor companies [6][7]. - The investment strategy focuses on creating a chain ecosystem around leading enterprises, covering critical areas such as chip design, manufacturing, and materials [6][7]. Group 3: Future Growth Blueprint - The company aims to develop a synergistic model comprising traditional building materials, equity investment, and new material growth, with a target of over 3 billion yuan in equity assets [8]. - The governance structure, featuring a mix of private and state-owned stakeholders, is seen as a key factor in enhancing operational efficiency and supporting both traditional and emerging industry investments [8].