SHANGFENG CEMENT(SZ:000672) Chang Jiang Shang Bao·2025-12-23 00:08Core Viewpoint - Shangfeng Cement is experiencing growth in its main business while increasing the contribution of its new investment business, particularly in the semiconductor sector, which is expected to enhance its competitive edge [1][8]. Financial Performance - For the first three quarters of 2025, Shangfeng Cement reported a revenue of 3.598 billion yuan, a decrease of 5.69% year-on-year, while the net profit attributable to shareholders was 528 million yuan, an increase of 30.56% [1][7]. - The company's investment income from equity investments and various capital business contributed approximately 170 million yuan to net profit, accounting for about 31% of the total net profit [1][8]. Investment in Semiconductor Sector - Shangfeng Cement's wholly-owned subsidiary, Ningbo Shangrong, has invested in the semiconductor company, Yuexin Semiconductor, which is the first 12-inch wafer manufacturing enterprise in Guangdong Province to enter mass production [2][3]. - Yuexin Semiconductor aims to provide 12-inch wafer foundry services and has a business model focused on specialty process wafer foundry, serving top semiconductor design companies [2][3]. Future Outlook for Yuexin Semiconductor - Yuexin Semiconductor has reported significant fluctuations in revenue, with 2023 revenue down 32.46% year-on-year, but is projected to achieve profitability by 2029 [3]. - As of June 30, 2025, Yuexin Semiconductor holds 681 authorized patents, including 312 invention patents, indicating a strong focus on innovation [3]. Strategic Business Development - Shangfeng Cement is expanding its business into related industries, including "light-storage-charging" new energy and smart logistics, while maintaining its core business in cement production [6][8]. - The company has implemented effective cost control measures, resulting in a decrease in controllable costs for clinker and cement products [7][8].