Investment Rating - The industry investment rating is "Outperform the Market" [1][63]. Core Viewpoints - Precious Metals - Gold: The US unemployment rate is rising, leading to a short-term increase in gold prices. As of March 7, COMEX gold futures rose by 1.76% to $2917.7 per ounce, while SPDR Gold ETF decreased by 1.1% to 894.34 tons. The unemployment rate in the US reached 4.1%, up by 0.1 percentage points. The market anticipates potential interest rate cuts by the Federal Reserve in 2025, which supports gold prices in the short term. However, profit-taking may lead to price fluctuations, with a long-term bullish outlook due to inflation expectations and weakening dollar credit [3][4]. - Industrial Metals: Supply disruptions are expected to drive price increases in industrial metals. The report highlights the importance of monitoring these trends [4]. - Copper: As of March 7, SHFE copper futures rose by 1.9% to 78,320 yuan per ton. Domestic copper social inventory reached 368,000 tons, with a decrease of 8,100 tons. The report indicates that the US manufacturing PMI recovery may boost industrial metal demand, and the long-term supply rigidity of copper is expected to support price increases [8][10]. - Aluminum: As of March 7, SHFE aluminum futures increased by 0.9% to 20,835 yuan per ton. Domestic aluminum social inventory was 871,000 tons, with a continued decline. The report suggests that the aluminum sector may see price increases due to demand recovery and cost support [8][10]. - Tin: As of March 7, SHFE tin futures rose by 2.65% to 262,900 yuan per ton. Domestic tin social inventory decreased by 754 tons to 8,399 tons. The report anticipates a global tin shortage if production resumes in Q2, with long-term demand growth driven by AI applications [9][10]. - Cobalt: As of March 7, cobalt concentrate prices increased by 35.7% year-on-year. The Democratic Republic of Congo announced a temporary ban on cobalt exports, which is expected to tighten global supply and support price rebounds [9][10]. Summary by Sections Precious Metals - Gold prices are expected to remain strong in the long term due to inflation and dollar credit concerns [3][4]. Industrial Metals - Copper: Demand recovery and supply constraints are expected to support copper prices [8][10]. - Aluminum: The sector is likely to experience price increases due to recovering demand and cost factors [8][10]. - Tin: Anticipated global shortages and AI-driven demand growth are key factors for the tin market [9][10]. Investment Recommendations - The report recommends focusing on the copper, aluminum, and tin sectors, highlighting specific companies such as Zijin Mining, Tianshan Shares, and Xiyang Shares for potential investment opportunities [10][62].

Investment Rating - The report indicates a positive outlook for the construction materials industry, particularly in segments benefiting from price increases and structural demand recovery [1][2][3]. Core Insights - Price increases for key materials such as fiberglass and coatings have been noted, driven by downstream demand and strategic changes from leading companies [1][2]. - The recovery in real estate sales is showing positive signals, with a notable increase in sales for the top 100 real estate companies in February 2025 [2][9]. - The overall construction site resumption rate is lagging, with a current rate of 64.6%, down 10.8 percentage points year-on-year [2][9]. Summary by Sections Weekly Discussion - Frequent price increase notices have been observed in cyclical products, particularly in fiberglass and coatings, indicating a structural demand characteristic for the first half of the year [1][8]. - Companies like China National Materials and China Jushi have announced price adjustments effective March 1, 2025, for various products [1][8]. Cyclical Linkage - The national average price for cement is reported at 394 RMB/ton, up 36 RMB year-on-year, with an average shipment rate of 30.9% [3][10]. - The average price for float glass is 1386.80 RMB/ton, showing a slight decrease, while fiberglass prices have seen a marginal increase [3][10]. National Subsidy Tracking - New subsidy guidelines in Jiangxi Province for energy-efficient appliances provide a 15% subsidy for level 2 products and 20% for level 1 products, which may benefit companies in the construction materials sector [11][12]. Important Changes - Companies such as Weixing New Materials and Rabbit Baby have released performance forecasts, indicating a positive trend in the industry [4][13]. - The total production of fiberglass yarn in China is projected to reach 7.56 million tons in 2024, reflecting a 4.6% year-on-year increase [4][13].

Financial Performance Forecast - The company expects a net profit loss of between 400 million and 800 million CNY for the year 2024, compared to a profit of 1,965.14 million CNY in the same period last year [3]. - The net profit after deducting non-recurring gains and losses is projected to be a loss of between 1,800 million and 2,300 million CNY, compared to a profit of 584.97 million CNY last year [3]. - Basic earnings per share are expected to be a loss of between 0.0499 CNY and 0.0998 CNY, down from earnings of 0.2268 CNY per share in the previous year [3]. - This performance forecast is a preliminary estimate by the company's finance department, with detailed financial data to be disclosed in the 2024 annual report [8]. Cost Control and Market Conditions - The company has actively strengthened cost control, with a decrease in prices of key raw materials like coal, leading to lower costs for cement clinker [5]. - However, the company faces significant challenges due to a sharp decline in market demand, resulting in a substantial drop in both sales prices and volumes of cement clinker [5]. - The gross margin for cement clinker has decreased year-on-year due to the aforementioned market conditions [5]. - The gross margin for ready-mixed concrete has also declined, as the reduction in unit costs was less than the decrease in unit selling prices [5]. Communication and Investor Advisory - The company has communicated with its auditing firm regarding the performance forecast, and there are no discrepancies noted [4]. - The company advises investors to make rational investment decisions and be aware of risks [8].

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 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 - 2 - 公告 天山材料截至二零二四年九月三十日止九個月之 主要會計數據和財務指標 中國建材股份有限公司（「本公司」）董事會謹請其股東及公眾投資者留意以下天山材料股 份有限公司（「天山材料」）截至二零二四年九月三十日止九個月的主要會計數據及財務指 標。 天山材料為本公司之附屬公司，其A股於深圳證券交易所上市及買賣（股份代號： 000877）。 - 1 - 天山材料之主要會計數據和財務指標 單位：元 幣種：人民幣 | | | | | | 本年初至 | | --- | --- | --- | --- | --- | --- | | | | 本報告期 | | | 本報告期末 | | | | 比上年同期 | | 本年初至 | 比上年同期 | | | 本報告期 | 增減 | | 本報告期末 | 增減 | | | | (%) | | | (%) | | 營業收入 | 21,760,232,444.98 | -19 ...

Financial Performance - The company's revenue for Q3 2024 was ¥21,760,232,444.98, a decrease of 19.24% compared to the same period last year[2]. - The net profit attributable to shareholders was -¥334,194,909.45, representing a decline of 267.64% year-on-year[2]. - The net profit after deducting non-recurring gains and losses was -¥423,427,269.56, a decrease of 4,008.78% compared to the previous year[2]. - Total operating revenue for the current period is ¥61.46 billion, a decrease of 23.5% from ¥80.39 billion in the previous period[14]. - Net profit for the current period is a loss of ¥4.09 billion, compared to a loss of ¥170.46 million in the previous period[15]. - The net profit attributable to shareholders of the parent company is a loss of ¥3.75 billion, compared to a profit of ¥50.85 million in the previous period[15]. - The total comprehensive income for the current period is a loss of ¥4.03 billion, compared to a loss of ¥207.49 million in the previous period[15]. - Basic and diluted earnings per share for the current period are both -¥0.4506, compared to ¥0.0059 in the previous period[15]. Cash Flow and Financing - The company's cash flow from operating activities decreased by 69.57% year-on-year, primarily due to a decline in sales revenue[7]. - The net cash flow from operating activities for Q3 2024 was approximately ¥3.38 billion, a decrease of 69.6% compared to ¥11.11 billion in Q3 2023[17]. - Total cash inflow from financing activities was approximately ¥54.54 billion, down 22.5% from ¥70.37 billion in the same period last year[17]. - Cash outflow for financing activities was approximately ¥50.95 billion, a decrease of 24.1% compared to ¥67.23 billion in Q3 2023[17]. - The company reported a significant increase in cash received from financing activities, with cash inflow from borrowings at approximately ¥42.76 billion, down 33% from ¥63.80 billion in Q3 2023[17]. - The company’s cash outflow for taxes was approximately ¥4.84 billion, a decrease of 32.9% compared to ¥7.22 billion in Q3 2023[17]. Assets and Liabilities - The company's total assets at the end of the reporting period were ¥296,466,951,022.68, an increase of 0.59% from the end of the previous year[2]. - The total liabilities reached CNY 199.81 billion, up from CNY 194.18 billion at the beginning of the quarter[12]. - Short-term borrowings decreased to CNY 21.92 billion from CNY 23.85 billion, reflecting a reduction in short-term debt[12]. - Long-term borrowings increased significantly to CNY 76.80 billion from CNY 62.32 billion, indicating a strategy to leverage long-term financing[12]. - The total equity attributable to shareholders decreased to CNY 79.81 billion from CNY 84.15 billion, indicating a decline in shareholder value[12]. Sales and Market Performance - Cement sales volume decreased by 15.52% year-on-year to 16.53 million tons, while sales of ready-mixed concrete fell by 0.73% to 5.315 million cubic meters[5]. - Total operating costs for the current period are ¥65.62 billion, down 19.0% from ¥81.05 billion in the previous period[14]. - The company reported a significant decline in investment income, down 233.61% year-on-year, due to losses from joint ventures[6]. - The company began implementing new accounting standards starting in 2024[18]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 85,635[8]. - The largest shareholder, China National Building Material Group Corporation, holds 81.14% of shares, totaling 5,769,352,856 shares[8]. - The second-largest shareholder, Jiangyin Financial Asset Investment Co., Ltd., holds 2.28% of shares, totaling 161,858,201 shares[8]. - The number of shares held by the top ten shareholders does not include shares lent through margin trading[9]. - The company has no known related party relationships with the top shareholders[9]. - The company has not disclosed any changes in the participation of major shareholders in margin trading activities[9]. Operational Efficiency and Strategy - The company plans to continue focusing on cost reduction and efficiency improvements amid challenging market conditions[5]. - Research and development expenditures increased by 45.95% compared to the beginning of the year, reflecting the company's commitment to innovation[6]. - Research and development expenses for the current period are ¥1.47 billion, a decrease from ¥1.64 billion in the previous period[14]. - The company completed all performance commitments and impairment testing related to major asset restructuring as of July 31, 2024[10]. - The company terminated the issuance of convertible bonds to unspecified objects on August 2, 2024[10]. - The company also terminated the acquisition of controlling stakes in cement-related businesses on August 9, 2024[10].

[Company Overview & Financial Summary](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides a corporate profile and a summary of key financial data, highlighting a significant performance decline in H1 2024 [Company Profile](index=6&type=section&id=Company%20Profile) Tianshan Materials Co, Ltd (000877.SZ) changed its name to reflect its national presence and extended industry chain - In 2024, the company changed its name from "Xinjiang Tianshan Cement Co, Ltd" to "Tianshan Materials Co, Ltd", while its stock abbreviation "Tianshan Shares" and code "000877" remained unchanged[10](index=10&type=chunk)[11](index=11&type=chunk) [Key Financial Data & Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's performance sharply declined in H1 2024, with revenue down 25.72% and a significant net loss of ¥3.41 billion Key Accounting Data and Financial Indicators | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 39,699,366,083.32 | 53,443,149,245.54 | -25.72% | | Net Profit Attributable to Shareholders (Yuan) | -3,413,688,995.56 | 141,747,878.89 | -2,508.28% | | Net Profit Attributable to Shareholders (Non-recurring) (Yuan) | -3,686,395,432.31 | -409,662,452.71 | -799.86% | | Net Cash Flow from Operating Activities (Yuan) | 1,524,362,206.38 | 8,610,510,795.59 | -82.30% | | Basic Earnings Per Share (Yuan/Share) | -0.394 | 0.0164 | -2,502.44% | | Weighted Average Return on Equity | -4.14% | 0.17% | -4.31% | | Total Assets (Yuan) | 294,934,855,348.62 | 294,722,350,439.35 | 0.07% | | Net Assets Attributable to Shareholders (Yuan) | 79,993,132,711.32 | 84,147,177,984.63 | -4.94% | - During the reporting period, non-recurring gains and losses totaled **¥273 million**, primarily from government subsidies (¥254 million) and trust management fees (¥60 million)[13](index=13&type=chunk) [Management Discussion & Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section analyzes the operating environment, core business performance, financial position, and key risks faced by the company [Operating Environment & Business Overview](index=9&type=section&id=I.%20Main%20Business%20During%20the%20Reporting%20Period) The building materials industry faced severe challenges from a macroeconomic slowdown, leading to a significant decline in the company's sales and profitability - In H1 2024, the cement industry experienced declining demand and low prices, with national cement output **down 10% YoY** to its lowest level since 2011[15](index=15&type=chunk) - The company's main business includes cement, clinker, ready-mix concrete, and aggregates, with annual capacities of **320 million tons**, **380 million cubic meters**, and **230 million tons**, respectively[21](index=21&type=chunk) H1 2024 Sales Volume | Product | H1 2024 Sales | YoY Change | | :--- | :--- | :--- | | Cement | 94.44 million tons | -11.68% | | Clinker | 11.59 million tons | -21.30% | | Ready-mix Concrete | 34.26 million m³ | +1.51% | | Aggregates | 59.38 million tons | -6.38% | [Core Competitiveness](index=13&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in its national layout, integrated industry chain, scale advantages, and technological innovation capabilities - Core competitiveness stems from scale, industry chain advantages, technological innovation, group synergies, and brand services[27](index=27&type=chunk) - The company's market presence across **25 provinces**, autonomous regions, and municipalities provides a regional and integrated layout that mitigates risks from local demand fluctuations[27](index=27&type=chunk) [Main Business Analysis](index=13&type=section&id=III.%20Main%20Business%20Analysis) Main business revenue fell 25.72% to ¥39.7 billion, with declining gross margins across all product lines and regions except for overseas operations Business Segment Performance | Business Segment | Revenue (¥ billion) | YoY Change | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | **By Product** | | | | | | Cement & Clinker | 25.21 | -30.98% | 8.82% | -5.64% | | Ready-mix Concrete | 10.79 | -17.20% | 9.83% | -0.81% | | Aggregates | 2.34 | -9.07% | 34.92% | -2.23% | | **By Region** | | | | | | Eastern Region | 14.38 | -12.78% | 11.04% | -4.47% | | Central & Southern Region | 7.49 | -26.82% | 4.35% | -7.32% | | Northern Region | 8.30 | -39.39% | 13.55% | -0.98% | | Western Region | 9.20 | -27.53% | 14.52% | -2.70% | | Overseas Region | 0.34 | -1.35% | 43.93% | +4.01% | [Assets & Liabilities Analysis](index=15&type=section&id=V.%20Assets%20and%20Liabilities%20Analysis) Total assets remained stable at ¥294.94 billion, while long-term borrowings increased, raising their proportion of total assets to 23.33% - Total assets remained stable, increasing slightly by **0.07%** from the beginning of the year, with fixed assets being the largest component at **39.08%**[31](index=31&type=chunk) - Long-term borrowings increased, with their ratio to total assets rising from **21.15% to 23.33%**, an increase of 2.18 percentage points[31](index=31&type=chunk) - As of the period end, **¥10.01 billion** in assets were restricted, mainly consisting of cash for deposits and pledged fixed assets, intangible assets, and accounts receivable financing[34](index=34&type=chunk) [Investment Analysis](index=16&type=section&id=VI.%20Investment%20Analysis) Investment activities continued but at a reduced scale, with a focus on major projects, strategic acquisitions, and debt financing - The investment amount for the reporting period was **¥6.01 billion**, a decrease of **32.82%** year-over-year[35](index=35&type=chunk) - The company is advancing the "Chizhou CNBM New Materials Co, Ltd Annual 40 Million Ton Aggregate Production Base Project" with a total investment of approximately **¥10.61 billion**, which is still under construction[35](index=35&type=chunk)[40](index=40&type=chunk) - Two major equity investments were completed: the acquisition of 100% of Xinjiang Bohai Cement for **¥994 million** and the establishment of Xinjiang Tianfeng Investment Co, Ltd with a **¥210 million** investment (70% stake)[38](index=38&type=chunk) - In H1 2024, the company raised **¥3 billion** by issuing two tranches of technology innovation corporate bonds, all of which was used to repay subsidiary debts[42](index=42&type=chunk)[43](index=43&type=chunk) [Risks and Countermeasures](index=23&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from macroeconomic slowdown, carbon policies, and international operations, which it plans to mitigate through strategic initiatives - The company faces three core risks: 1 Demand fluctuation risk due to macroeconomic slowdown, especially the deep adjustment of the real estate market 2 Risk of increased environmental investment and accelerated inclusion in the national carbon trading market under "dual carbon" policies 3 Uncertainties in international operations, including political, economic, legal, and exchange rate risks[52](index=52&type=chunk)[53](index=53&type=chunk)[55](index=55&type=chunk) - Countermeasures include adhering to the "price-cost-profit" principle to promote price recovery, developing "Cement+" businesses (such as special cements) and international expansion to seek new growth, reducing costs through technological innovation and centralized procurement, and establishing a comprehensive dual-carbon planning and management system[53](index=53&type=chunk)[54](index=54&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) [Corporate Governance](index=25&type=section&id=Section%204%20Corporate%20Governance) This section details changes in directors and senior management, dividend policy, and employee incentive plans during the reporting period [Changes and Incentives for Directors, Supervisors, and Senior Management](index=25&type=section&id=II.%20Changes%20in%20the%20Company's%20Directors,%20Supervisors,%20and%20Senior%20Management) The company experienced board and management changes, decided against a semi-annual dividend, and continued its employee pension plan - During the reporting period, the company appointed Zhang Hua as Vice President, and independent director Zhan Lei resigned upon completing his six-year term, with Kong Weiping elected as the new independent director[60](index=60&type=chunk) - The company plans **not to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital for the first half of 2024[61](index=61&type=chunk) - As an employee incentive, the company implements an enterprise annuity plan, with **¥98.97 million** accrued during this reporting period[62](index=62&type=chunk) [Environmental & Social Responsibility (ESG)](index=27&type=section&id=Section%205%20Environmental%20and%20Social%20Responsibility) This section outlines the company's performance and initiatives in environmental protection and social responsibility [Environmental Protection](index=27&type=section&id=I.%20Major%20Environmental%20Issues) The company, a key polluter, faced several environmental penalties but invested ¥520 million in protection and advanced its carbon reduction projects - The company and its subsidiaries are classified as key pollutant-discharging units, holding **311 valid pollutant discharge permits** and 269 fixed pollution source discharge registration receipts as of the period end[63](index=63&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) - During the reporting period, the company received **4 administrative penalties** for environmental issues, with total fines of approximately **¥0.99 million**, mainly related to dust control and excessive pollutant emissions[98](index=98&type=chunk) - In H1 2024, the company's environmental protection investment reached **¥520 million**, and it paid **¥66.87 million** in environmental taxes[96](index=96&type=chunk) - The company has made progress in carbon reduction, with Qingzhou Sinoma Cement commissioning the world's largest full-oxy combustion carbon capture demonstration line in the cement industry, capable of capturing **200,000 tons of CO₂ annually**[100](index=100&type=chunk) [Social Responsibility](index=56&type=section&id=II.%20Social%20Responsibility%20Situation) The company fulfilled its social duties through a 50.26% dividend payout ratio, employee development programs, and significant charitable contributions - The company values shareholder returns, implementing a dividend in May 2024 of **¥1.14 per 10 shares** (tax included), representing a **50.26% payout ratio** of net profit attributable to the parent company; cumulative dividends since listing are approximately ¥8.7 billion[102](index=102&type=chunk) - The company actively fulfilled its social responsibilities, with total donations of **¥29.02 million** in H1 2024 and an investment of **¥4.2 million** for poverty alleviation and rural revitalization[104](index=104&type=chunk)[106](index=106&type=chunk) [Important Matters](index=59&type=section&id=Section%206%20Important%20Matters) This section covers the status of commitments, major related-party transactions, significant contracts, and other key corporate actions [Commitment Performance](index=59&type=section&id=I.%20Commitments%20Fulfilled%20During%20the%20Reporting%20Period%20and%20Those%20Overdue%20at%20the%20End%20of%20the%20Reporting%20Period) The controlling shareholder requested an extension to resolve competition issues, while performance commitments from a 2021 asset restructuring were fulfilled - The controlling shareholder, China National Building Material Co, Ltd, and the actual controller, China National Building Material Group, have **postponed their commitment** to resolve the issue of inter-industry competition[108](index=108&type=chunk)[109](index=109&type=chunk) - The performance commitment and impairment test compensation plan for the 2021 major asset restructuring have been **fully implemented**, with the relevant parties completing share buybacks and cash compensation[109](index=109&type=chunk)[110](index=110&type=chunk) [Major Related-Party Transactions](index=69&type=section&id=XI.%20Major%20Related-Party%20Transactions) The company engaged in substantial transactions with related parties, including ¥10.78 billion in purchases and ¥22.85 billion in borrowings from its controlling shareholder Related-Party Transactions | Related Party | Transaction Type | Transaction Content | Amount (¥ million) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | China National Building Material Group Co, Ltd and its affiliates | Purchase of goods, receipt of services | Purchase of goods, receipt of services | 10,781.36 | 32.15% | | China National Building Material Group Co, Ltd and its affiliates | Sale of goods, provision of services | Sale of goods, provision of services | 374.49 | 0.94% | - The company has significant related-party borrowings with its controlling shareholder and actual controller; as of the period end, the outstanding loan balance from the controlling shareholder, China National Building Material Co, Ltd, was **¥22.85 billion**, and from the actual controller, China National Building Material Group, was **¥122 million**[123](index=123&type=chunk) - The company has substantial deposit and loan transactions with the related party, China National Building Material Group Finance Co, Ltd; as of the period end, the deposit balance was **¥6.57 billion** and the loan balance was **¥4.85 billion**[125](index=125&type=chunk) [Major Contracts and Guarantees](index=73&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company manages two cement firms under trust agreements and provided guarantees for subsidiaries totaling ¥7.44 billion, or 9.31% of its net assets - The company manages 100% equity of North Cement Co, Ltd and Gansu Qilianshan Cement Co, Ltd under trust, with a fixed annual management fee of **¥120 million** for Qilianshan Cement[134](index=134&type=chunk)[135](index=135&type=chunk) - As of the end of the reporting period, the company's total outstanding external guarantees (all for subsidiaries) amounted to **¥7.44 billion**, representing **9.31%** of the company's net assets[139](index=139&type=chunk) [Other Major Matters](index=80&type=section&id=XIII.%20Explanation%20of%20Other%20Major%20Matters) The company terminated a planned ¥9.27 billion convertible bond issuance and a major acquisition, potentially impacting future financing and expansion - The company has **terminated** its planned issuance of convertible corporate bonds to unspecified investors, which aimed to raise up to **¥9.27 billion**, and has withdrawn the application documents[145](index=145&type=chunk)[146](index=146&type=chunk) - The company has **terminated** the major related-party transaction involving the acquisition of a controlling stake in the cement business of Ningxia Building Materials Group Co, Ltd[130](index=130&type=chunk) [Share Capital Changes & Shareholder Information](index=83&type=section&id=Section%207%20Share%20Capital%20Changes%20and%20Shareholder%20Information) This section provides details on the company's shareholder structure, which is highly concentrated with its controlling shareholder holding 84.52% [Shareholder Information](index=84&type=section&id=III.%20Number%20of%20Company%20Shareholders%20and%20Shareholding%20Situation) As of the period end, the company had 85,441 shareholders, with a highly concentrated ownership structure dominated by institutional investors Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Number of Shares | | :--- | :--- | :--- | :--- | | China National Building Material Co, Ltd | State-owned legal person | 84.52% | 7,322,283,976 | | Bank of Communications Financial Asset Investment Co, Ltd | State-owned legal person | 1.87% | 161,858,201 | | Anhui Conch Cement Co, Ltd | State-owned legal person | 0.86% | 74,074,074 | | Jiangxi Wannianqing Cement Co, Ltd | State-owned legal person | 0.56% | 48,091,895 | | ABC Financial Asset Investment Co, Ltd | State-owned legal person | 0.54% | 46,685,382 | | Hong Kong Securities Clearing Company Ltd | Overseas legal person | 0.50% | 43,119,550 | | Hebei Jinyu Dingxin Cement Co, Ltd | Domestic non-state-owned legal person | 0.43% | 37,037,037 | | Zhejiang Jianfeng Group Co, Ltd | Domestic non-state-owned legal person | 0.42% | 36,068,921 | | Beijing Huachen Century Investment Co, Ltd | Domestic non-state-owned legal person | 0.35% | 30,057,434 | | Wuhu Cinda Deleverage Investment Management Partnership | Domestic non-state-owned legal person | 0.34% | 29,629,629 | [Bond-Related Information](index=88&type=section&id=Section%209%20Bond-Related%20Information) This section details the company's outstanding bonds and debt instruments, totaling ¥8.4 billion, with all issues maintaining stable credit ratings [Corporate Bonds and Non-financial Enterprise Debt Financing Instruments](index=88&type=section&id=II.%20Corporate%20Bonds) As of the period end, the company and its subsidiaries had ¥8.4 billion in outstanding bonds and debt instruments, including ¥4 billion issued in H1 2024 Outstanding Bonds and Debt Instruments | Bond Name | Issue Date | Maturity Date | Outstanding Balance (¥ million) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | | **Corporate Bonds** | | | | | | 22 Tianshan 01 | 2022-09-21 | 2025-09-22 | 2,000 | 2.68% | | 24 Tianshan K1 | 2024-04-22 | 2027-04-24 | 2,000 | 2.38% | | 24 Tiancai K3 | 2024-06-03 | 2029-06-05 | 1,000 | 2.44% | | 21 Nanfang 02 | 2021-04-08 | 2026-04-09 | 800 | 3.92% | | 21 Nanfang 05 | 2021-08-06 | 2024-08-09 | 800 | 3.07% | | 21 Nanfang 06 | 2021-08-06 | 2026-08-09 | 1,500 | 3.43% | | 23 Nanfang 01 | 2023-11-22 | 2026-11-23 | 500 | 2.95% | | 21 Xinan 02 | 2021-04-21 | 2026-04-22 | 600 | 3.94% | | **Non-financial Enterprise Debt Financing Instruments** | | | | | | 21 Xinan Cement MTN001 | 2021-08-19 | 2024-08-23 | 500 | 3.14% | | 23 Xinan Cement SCP003 | 2023-10-20 | 2024-07-19 | 500 | 2.52% | | 24 Xinan Cement MTN001 | 2024-05-30 | 2027-06-03 | 1,000 | 2.30% | [Financial Report](index=92&type=section&id=Section%2010%20Financial%20Report) This section presents the consolidated financial statements, including the balance sheet, income statement, and cash flow statement for the period [Consolidated Balance Sheet](index=92&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2024, total assets were ¥294.94 billion, with a debt-to-asset ratio of 67.16% and a 4.94% decrease in equity due to current period losses Consolidated Balance Sheet Summary | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | **Total Current Assets** | 65,424,599,583.38 | 65,894,439,296.16 | | **Total Non-current Assets** | 229,510,255,765.24 | 228,827,911,143.19 | | **Total Assets** | 294,934,855,348.62 | 294,722,350,439.35 | | **Total Current Liabilities** | 110,353,827,313.54 | 116,677,484,942.01 | | **Total Non-current Liabilities** | 87,731,746,562.67 | 77,502,883,045.77 | | **Total Liabilities** | 198,085,573,876.21 | 194,180,367,987.78 | | **Total Equity Attributable to Parent Company** | 79,993,132,711.32 | 84,147,177,984.63 | | **Total Equity** | 96,849,281,472.41 | 100,541,982,451.57 | [Consolidated Income Statement](index=97&type=section&id=Consolidated%20Income%20Statement) In H1 2024, the company's revenue was ¥39.7 billion, a 25.72% decrease, resulting in a net loss attributable to parent company shareholders of ¥3.41 billion Consolidated Income Statement Summary | Item | H1 2024 (Yuan) | H1 2023 (Yuan) | | :--- | :--- | :--- | | **Total Operating Revenue** | 39,699,366,083.32 | 53,443,149,245.54 | | **Total Operating Costs** | 43,345,051,778.94 | 53,717,444,409.45 | | Of which: Operating Costs | 35,178,275,456.54 | 45,380,093,633.91 | | **Operating Profit (Loss shown with "-")** | -3,559,386,222.57 | 404,898,747.74 | | **Total Profit (Total loss shown with "-")** | -3,589,608,818.72 | 472,251,043.29 | | **Net Profit (Net loss shown with "-")** | -3,727,758,546.39 | 63,595,025.35 | | **Net Profit Attributable to Parent Company Shareholders** | -3,413,688,995.56 | 141,747,878.89 | [Consolidated Cash Flow Statement](index=100&type=section&id=Consolidated%20Cash%20Flow%20Statement) Net cash from operating activities plummeted 82.30% to ¥1.52 billion, while net cash from financing activities increased, resulting in a net cash decrease of ¥1.13 billion Consolidated Cash Flow Statement Summary | Item | H1 2024 (Yuan) | H1 2023 (Yuan) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 1,524,362,206.38 | 8,610,510,795.59 | | **Net Cash Flow from Investing Activities** | -5,005,571,927.74 | -4,393,071,421.65 | | **Net Cash Flow from Financing Activities** | 2,349,774,089.22 | 1,465,593,706.36 | | **Net Increase in Cash and Cash Equivalents** | -1,128,637,688.86 | 5,679,528,501.37 |

Financial Data and Key Indicators Changes - July data remains flat, with real estate sales declining slightly month-on-month, and physical volume data in real estate staying stable [2][4] - The performance of leading companies in the consumer building materials sector is expected to maintain resilience despite high base effects in Q2 [4][5] Business Line Data and Key Indicators Changes - Cement: Regional hotspots show some performance, but demand continues to drag down the sector [3][10] - Architectural glass: Float glass profitability has seen a temporary recovery, but the medium to long-term outlook remains in a bottom-seeking phase [3][15] - Glass fiber: Inventory accumulation has increased, with major manufacturers maintaining stable prices [3][24] - Carbon fiber: Limited demand recovery, with a clear differentiation between low-end and high-end capacities [3][28] Market Data and Key Indicators Changes - The cement market has seen a slight price increase of 0.13% nationwide, with price adjustments varying by region [33] - In the glass industry, the average price of float glass is 1454 RMB/ton, with inventory levels decreasing slightly [15] Company Strategy and Development Direction and Industry Competition - Leading companies in the consumer building materials sector are focusing on long-term positioning despite short-term risks, with a strong emphasis on market share and valuation alignment [2][5] - Companies like Oriental Yuhong and Beixin Building Materials are expected to maintain robust profit growth and competitive advantages in their respective segments [6][7] Management's Comments on Operating Environment and Future Outlook - Management emphasizes the critical impact of real estate sales on the building materials supply chain, indicating that inventory clearance in real estate will significantly enhance the operational environment for the entire sector [4][5] - The outlook for 2024 suggests a profit growth of 15% for Oriental Yuhong, with a recovery in valuation expected as the balance sheet improves [6] Other Important Information - The consumer building materials sector is experiencing a significant divergence in performance between leading and second-tier companies, with the former showing more resilience [5][6] - The glass industry is facing challenges with profitability, as many companies are currently operating at a loss due to high inventory levels and price pressures [15][20] Q&A Session All Questions and Answers Question: What is the outlook for the cement market? - The cement market is expected to see price increases driven by industry self-discipline and seasonal demand fluctuations, although challenges remain due to high inventory levels and weak demand [33][34] Question: How are leading companies in the building materials sector performing? - Leading companies are expected to outperform their peers, with strong management strategies and market positioning allowing them to navigate current challenges effectively [5][6]

天山材料股份有限公司 2024 年第四次独立董事专门会议审核意见 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》等行政法规、规范性文件的规定，天山材料股份有限 公司(简称"公司")于 2024 年 8 月 1 日以书面、邮件的方式发出召 开 2024 年第四次独立董事专门会议的通知，并于 2024 年 8 月 5 日以 现场结合视频的方式召开。 本次会议应出席独立董事 3 人，实际出席独立董事 3 人，独立 董事孔祥忠、陆正飞、孔伟平亲自出席了会议。与会独立董事共同推 举陆正飞为独立董事专门会议的召集人和主持人。公司部分高级管理 人员列席了本次会议。 会议召开程序符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 独立董事对拟提交至第八届董事会第三十八次会议的相关事项 进行了审核，并发表意见如下: 独立董事:孔祥忠、陆正飞、孔伟平 2024 年 8 月 5 日 我们认为：本次交易历时较长，宏观环境和行业环境发生了一定 的波动和变化。终止本次交易事项不会对公司正常经营造成重大不利 影响，不存在损害公司及全体 ...

证券代码：000877 证券简称：天山股份 公告编号：2024-051 天山材料股份有限公司 关于对外投资（海外）的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载，误导性陈述或重大遗漏。 重要内容提示： 1、天山材料股份有限公司（简称"公司"或"天山股份"）之控 股子公司中材水泥有限责任公司（简称"中材水泥"）拟通过中材水 泥（香港）投资有限公司（简称"香港 SPV 公司"）在阿拉伯联合酋 长国（简称"阿联酋"）新设 SPV 公司（以监管部门核定为准，简称 "阿联酋 SPV 公司"，香港 SPV 公司持有控股权），以 1.30 亿美元 作为基础对价，以实际交割日经审计的现金、债务和营运资金相对于 估值基准日 2023 年 12 月 31 日相应水平的交割账目差值调整确定最 终收购股权价格，且不超过 1.45 亿美元收购 Société Les Ciments de Jbel Oust（简称"CJO"）及其控股子公司 Granulats Jbel Oust （简称"GJO"）100%的股权。 2、根据《深圳证券交易所股票上市规则》等相关法律、法规及 公司《章程》规定，上述交易金额 ...

Financial Performance - The estimated net profit for the first half of 2024 is projected to be a loss of 290 million yuan, compared to a profit of 14.17 million yuan in the same period last year[2]. - The estimated net profit after deducting non-recurring gains and losses is projected to be a loss of 320 million yuan, compared to a loss of 40.97 million yuan in the same period last year[2]. - The basic earnings per share is estimated to be 0.3347 yuan, compared to earnings of 0.0164 yuan per share in the same period last year[2]. - The financial data provided is a preliminary estimate and will be detailed in the company's 2024 semi-annual report[3]. - Investors are advised to invest rationally and be aware of risks associated with the company's performance[3]. Market Trends - National cement demand has continued to decline, with a cumulative production decrease of 10.9% year-on-year from January to May 2024[4]. - Cement prices showed a downward trend in early 2024 but began to recover in May, with prices continuing to rise in June[4]. Operational Strategies - The company has implemented a comprehensive cost reduction action plan, resulting in a decrease in cement sales costs year-on-year due to lower raw material prices[4]. - The company is focusing on optimizing upgrades, cost reduction, and innovation to enhance operational efficiency and sustainability[4]. - The company emphasizes the importance of precise management and energy-saving measures to stabilize its operational foundation[4].