公司名稱： 華新水泥股份有限公司 呈交日期： 2025年10月13日 FF305 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600801 | 說明 | 於上海證券交易所上市 | | | | | A. 已發行股份或庫存股份變動 | | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | | 每股發行/出售價 (註4) | 已發行股份總數 | | ...

格隆汇10月13日丨华新水泥(06655.HK)宣布，董事会将于2025年10月24日(星期五)举行董事会会议，以 考虑及通过（包括其他事项）本公司及其附属公司截至2025年9月30日止的九个月的季度业绩。 ...

格隆汇10月13日丨华新水泥(06655.HK)宣布，董事会将于2025年10月24日(星期五)举行董事会会议，以 考虑及通过（包括其他事项）本公司及其附属公司截至2025年9月30日止的九个月的季度业绩。 ...

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。 華新水泥股份有限公司 HUAXIN CEMENT CO., LTD.* 中國湖北省武漢市 2025年10月13日 於本公告日期，本公司董事會成員包括執行董事李葉青先生（總裁）及劉鳳山先生（副總裁）； 非執行董事徐永模先生（主席）、Martin Kriegner先生、Olivier Milhaud先生及陳婷慧女士 ；獨立非執行董事黃灌球先生、張繼平先生及江泓先生。 *僅供識別 - 1 - （於中華人民共和國註冊成立的股份有限公司） （股份代號：6655） 華新水泥股份有限公司（「 」）董事會（「 」）謹此宣布，董事會將 於二零二五年十月二十四日 (星期五) 舉行董事會會議，以考慮及通過（包括其他 事項）本公司及其附屬公司截至二零二五年九月三十日止的九個月的季度業績。 承董事會命 主 席 ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights the benefits of the new national fire safety standards and the commercialization of fire-fighting robots, recommending Qingniao Fire Protection as a leading beneficiary [6] - The cement industry is experiencing self-discipline and price increases under the "anti-involution" initiative, with recommendations for Huaxin Cement and Conch Cement [6] - The photovoltaic glass industry is seeing price increases from a bottoming out, with recommendations for Qibin Group, Fuyao Glass, and Xinyi Solar [6] - The report emphasizes the high demand for specialty electronic fabrics, recommending China Jushi, China National Materials, and International Composites [6] - The report suggests investing in companies with strong operational resilience and high dividends, such as Weixing New Materials and Tubao [6] Summary by Sections Cement Industry - National cement market prices decreased by 0.4% week-on-week, with average shipment rates below 45% in key regions [2][28] - Price adjustments varied by region, with increases in Hebei and Jiangxi, while declines were noted in Beijing, Tianjin, Jiangsu, Zhejiang, and Anhui [2][28] - The report anticipates continued price fluctuations in the cement market due to insufficient demand support [28] Glass Industry - The average price of float glass increased to 1289.81 CNY/ton, a rise of 5.31% from the previous week [2][67] - The industry maintains a production capacity utilization rate of 82.20%, with no significant changes in production lines [67] Real Estate Market - In the 41st week, new home transaction volume in 30 major cities decreased by 46% year-on-year and 33.94% month-on-month [3][23] - The report indicates a slight improvement in second-hand housing transactions in 15 monitored cities, with a year-on-year increase of 15% [3][23] Specialty Electronic Fabrics - China Jushi reported a revenue of 9.109 billion CNY in the first half of 2025, a year-on-year increase of 17.70% [6] - The company is advancing low-dielectric product development, with significant growth in net profit [6] Investment Opportunities - The report identifies investment opportunities in regions like Xinjiang due to increased infrastructure investments related to the 70th anniversary celebrations [7] - Recommendations include companies like Tianshan Shares and Xinjiang Jiaojian, which are expected to benefit from regional investments [7]

Core Viewpoint - Zhu Shaoxing increased his stake in Huaxin Cement, becoming the eighth largest circulating shareholder with over 9 million shares valued at approximately 182 million yuan as of September 30 [1][2]. Shareholder Details - As of September 30, 2025, the top ten shareholders of Huaxin Cement include: - Hong Kong Central Clearing (Agent) Limited: 734.72 million shares (35.34% of total shares, market value 13.59 billion yuan) - Holchin B.V.: 451.33 million shares (21.71%, market value 8.35 billion yuan) - Huaxin Group Limited: 338.06 million shares (16.26%, market value 6.25 billion yuan) - National Social Security Fund 413 Portfolio: 12.81 million shares (0.62%, market value 237 million yuan) - China Railway Wuhan Bureau Group: 11.29 million shares (0.54%, market value 209 million yuan) - Other notable shareholders include Huang Jianjun and the China Securities 500 ETF [2]. Market Performance - Despite market adjustments, Huaxin Cement's stock hit the daily limit, with a year-to-date increase of over 74% [3]. - The company announced a share buyback plan using its own funds, with a total amount between 32.25 million yuan and 64.5 million yuan, and a maximum buyback price of 25 yuan per share [3]. - On October 9, Huaxin Cement repurchased 1.5572 million shares at prices ranging from 17.7 to 18.4 yuan per share, totaling approximately 28.09 million yuan [3]. Business Overview - As of the end of 2024, Huaxin Cement's cement business accounted for 55% of the company's total revenue [3]. - In the first half of 2025, Huaxin Cement reported revenue of 16.047 billion yuan, a year-on-year decrease of 1.17%, while net profit increased by 51.05% to 1.103 billion yuan [3].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the recent escalation in China-US trade tensions may shift market risk preferences, leading to increased attention on defensive sectors within the building materials industry that have strong domestic demand and high dividends. Segments such as cement, glass, and consumer building materials, which have lagged in performance this year, are expected to benefit if market sentiment shifts towards "high cutting low" [3][4] - Cement demand is gradually recovering but remains limited, with production in August 2025 at 148 million tons, down 6.2% year-on-year. The implementation of policies to limit overproduction is expected to enhance capacity utilization in the medium term [3][8] - The glass industry is experiencing a downward trend in demand due to real estate impacts, but recent policy catalysts have led to price increases and inventory replenishment in the midstream sector. The report anticipates that environmental regulations will not lead to a drastic reduction in capacity but will increase costs and accelerate maintenance [4][13] - The fiberglass sector is benefiting from demand driven by the AI industry, with expectations for significant growth in low-dielectric products. The report is optimistic about the continued upward trend in both volume and price [4] - The consumer building materials sector has reached a profitability bottom, with no further downward price pressure expected. The report notes a strong demand for price increases and profitability improvements, particularly among leading companies [4] Summary by Sections Cement - The cement market is entering its peak season, with overall demand showing slow recovery. The construction sector is affected by weather and demand release timing, leading to a weak recovery in housing construction [8] - The report emphasizes the importance of monitoring companies like Conch Cement and Huaxin Cement [3] Glass - The glass industry is facing a continuous decline in demand influenced by real estate, but recent policy changes have led to price increases and midstream inventory replenishment [4][13] - Companies to watch include Qibin Group [4] Fiberglass - The fiberglass sector is experiencing a boom driven by AI-related demand, with expectations for explosive growth in low-dielectric products [4] Consumer Building Materials - The sector's profitability has bottomed out, with strong calls for price increases and profitability improvements. Companies like Dongfang Yuhong and Sankeshu are highlighted for potential recovery [4]

中国银河（601881）证券表示，后续来看，"金九银十"需求有望继续增长，但在终端市场疲软情况下， 预计增幅有限；因考虑到冬季将迎来较长时间错峰停窑，且叠加当下需求边际改善，预计水泥企业将继 续积极推涨水泥价格，此外，煤价存上涨预期，将进一步对水泥价格形成支撑。此外，该行认为，"反 内卷"加速推进行业供给优化，供需矛盾有望缓和，水泥价格存推涨预期，区域龙头企业盈利有望修 复。 水泥股全线回落，截至发稿，金隅集团（601992）(02009)跌5.49%，报0.86港元；西部水泥(02233)跌 4.12%，报3.26港元；海螺水泥（600585）(00914)跌3.92%，报24港元；中国建材(03323)跌3.85%，报 5.5港元；华新水泥（600801）(06655)跌1.59%，报16.73港元。 申万宏源研报指出，三季度是水泥行业传统淡季，2025年水泥价格前高后低。根据数字水泥网，25Q3 水泥均价353.1元/吨，环比下降27.6元/吨，同比下降33.5元/吨，7-8月水泥产量分别同比下降5.5%、 7.0%。水泥行业三季度盈利预计整体承压。9月24日，六部委联合发布《建材行业稳增长工作方案(2 ...

Group 1 - Cement stocks have experienced a significant decline, with major companies like Jinyu Group down 5.49%, Western Cement down 4.12%, and Conch Cement down 3.92% as of the report [1] - The third quarter is traditionally a slow season for the cement industry, with expectations of fluctuating prices in 2025, where the average cement price in Q3 2025 is projected to be 353.1 yuan/ton, a decrease of 27.6 yuan/ton quarter-on-quarter and 33.5% year-on-year [1] - Cement production in July and August saw year-on-year declines of 5.5% and 7.0%, respectively, indicating pressure on overall profitability for the cement industry in Q3 [1] Group 2 - Demand is expected to continue growing during the "Golden September and Silver October" period, but the increase is anticipated to be limited due to weak terminal market conditions [2] - The upcoming winter is expected to bring extended periods of staggered kiln shutdowns, which, combined with marginal improvements in demand, may lead cement companies to actively raise prices [2] - Rising coal prices are expected to further support cement prices, and the acceleration of "anti-involution" measures is likely to optimize industry supply, easing supply-demand conflicts and potentially restoring profitability for regional leading enterprises [2]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to see a gradual improvement in profitability, particularly in the fiberglass segment, as supply pressures ease and demand remains resilient [6][15] - The report highlights the importance of domestic demand policies and the potential for recovery in the housing market, which could positively impact the demand for home improvement materials [17] Summary by Sections 1. Bulk Construction Materials - Fiberglass profitability is anticipated to improve in the medium term as supply shocks diminish and industry price stabilization efforts gain traction [15] - The cement market is experiencing a temporary decline in demand due to seasonal factors, but a rebound is expected as supply-side discipline strengthens [20][21] - The average cement price in China is currently 349.2 RMB/ton, reflecting a decrease of 1.3 RMB/ton from the previous week and a significant drop of 53.2 RMB/ton compared to the same period last year [21][22] 2. Industry Dynamics - The report notes that the construction materials sector has shown resilience despite external uncertainties such as trade tensions, with government policies aimed at boosting domestic consumption expected to support recovery [17] - The report emphasizes the need for industry self-discipline to manage supply and maintain profitability, particularly in the cement sector [14][20] 3. Market Performance - The construction materials sector outperformed the broader market indices, with a weekly gain of 2.66% compared to declines in the CSI 300 and Wind All A indices [5] - The report suggests that the valuation of leading companies in the sector is at historical lows, indicating potential for recovery as industry policies take effect [14][17] 4. Recommendations - The report recommends focusing on leading companies in the sector, such as China National Building Material and Conch Cement, which are expected to benefit from improved market conditions and policy support [14][18] - It also highlights the potential for growth in companies involved in advanced materials and technology applications, particularly in the context of domestic demand recovery [6][17]