Cementos Pacasmayo (NYSE:CPAC) Q3 2025 Earnings Call October 29, 2025 10:00 AM ET Company ParticipantsClaudia Bustamante - Investor Relations Managing DirectorEly Hayashi - CFOMarcelo Sa - Partner and Head of UtilitiesHumberto Nadal - CEOOperatorGood day, ladies and gentlemen. Welcome to Pacasmayo third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode, and please note that this call is being recorded. At the conclusion of our prepared remarks, we'll conduct a q ...

Company Overview - As of September 2025 LTM, Pacasmayo's cement shipments reached 2.9 million MT[4] - The company has a combined cement production capacity of 4.9 million MT/year and a combined clinker production capacity of 3.08 million MT/year[20] - 72% of the company's retail customers are socioeconomic level CDE, 25-55 years old[23] - Approximately 70% of the company's sales are represented by 271 store owners and 320 points of sale under the DINO brand[36] Financial Performance - Sales of goods reached S/ 2,084.0 million, a 6.2% increase compared to LTM September 30, 2024[6] - EBITDA reached S/ 568.0 million, a 0.9% increase compared to LTM September 30, 2024[6] - EBITDA margin was -4.9 percentage points compared to LTM September 30, 2024[6] - Cement sales accounted for S/ 1,687.93 million of the total sales of goods[40] Market Overview - Pacasmayo has a 22.9% share of the Peruvian cement market in the Northern Region, with shipments of 2.964 million MT as of August 2025 LTM[13] - The total cement market in Peru reached 12.948 million MT as of August 2025 LTM[13]

Group 1 - The stock of Fujian Cement (600802) increased by 0.28% with a turnover rate of 30.09% and a trading volume of 1.033 billion yuan, showing a fluctuation of 10.16% throughout the day [1] - Institutional investors net sold 13.37 million yuan, while the total net buying from brokerage seats was 1.8792 million yuan [1][2] - The stock was listed on the exchange due to its daily turnover rate reaching 30.09%, with the top five brokerage seats collectively trading 143 million yuan, resulting in a net sell of 11.49 million yuan [2] Group 2 - The stock experienced a net outflow of 74.1 million yuan from major funds, with large orders contributing to a net outflow of 31.04 million yuan and 43.05 million yuan from big orders [3] - As of October 28, the margin trading balance for the stock was 368 million yuan, with a financing balance of 367 million yuan and a securities lending balance of 27.19 thousand yuan [3] - Over the past five days, the financing balance increased by 2.75 million yuan, representing a growth of 0.75%, while the securities lending balance rose by 59.8 thousand yuan, marking an increase of 28.19% [3] Group 3 - The company's third-quarter report indicated a total revenue of 1.113 billion yuan, reflecting a year-on-year decline of 0.42%, and a net loss of 7.5662 million yuan [4] - The top five buying brokerage seats included CITIC Securities and Guotai Junan, with the highest buying amount being 15.6285 million yuan [4]

格隆汇10月29日丨万年青(000789.SZ)发布公告，2025年前三季度，实现营业收入33.28亿元，同比减少 17.18%；归属于上市公司股东的净利润748.55万元，同比增加7.27%；归属于上市公司股东的扣除非经 常性损益的净利润-3868.60万元，基本每股收益0.0097元。 ...

每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 张明双） 每经AI快讯，万年青（SZ 000789，收盘价：6.03元）10月29日晚间发布三季度业绩公告称，2025年前 三季度营收约33.28亿元，同比减少17.18%；归属于上市公司股东的净利润约749万元，同比增加 7.27%。 截至发稿，万年青市值为48亿元。 ...

证券研究报告 | 2025年10月29日 Q3 水泥量价均有承压，盈利水平同比改善但环比有所下滑。1-9 月公司水泥 销量 1129 万吨，同比+6.4%，其中 Q3 单季度销售 340 万吨，同比-7.0%，环 比-20.6%，销量同环比均有下滑。我们测算公司 1-9 月全口径水泥吨收入/ 吨成本/吨毛利分别为 258.4/196.2/62.2 元/吨，同比-17.8/-16.1/-1.7 元/ 吨，其中 Q3 单季度吨收入/吨成本/吨毛利分别为 252.8/193.2/59.6 元/吨， 同比-8.0/-12.5/+4.5 元/吨，环比-12.7/-0.7/-12.0 元/吨，受整体需求不 及预期及竞争加剧影响，Q3 水泥量价均有所承压，但受煤炭价格下降和降本 增效，销售成本降幅大于水泥价格降幅，水泥主业盈利水平同比改善。 Q3 费用率同比基本持平，现金流有所下滑。公司 1-9 月期间费用率 10.1%， 同 比 -0.57pct ， 销 售 / 管 理 / 财 务 / 研 发 费 用 率 分 别 为 2.59%/7.72%/-0.54%/0.30%，同比+0.62/-1.41/+0.42/-0.20pc ...

证券研究报告 | 2025年10月29日 华新水泥（600801.SH） 优于大市 2025 年三季报点评：收入同比逆势增长，海外成长持续兑现 收入同比逆势增长，海外业务显著贡献业绩。2025 年 1-9 月实现营收 250.33 亿元，同比+1.27%，归母净利润 20.04 亿元，同比+76.0%，扣非归母净利润 19.36 亿元，同比+82.0%，EPS 为 0.97 元/股，并拟 10 派 3.4 元（含税）； 其中 Q3 单季营收 89.86 亿元，同比+5.95%，Q1、Q2 单季同比+1.10%/-2.94%， 归母净利润 9.0 亿元，同比+120.7%，Q1、Q2 单季同比+31.8%/+57.2%，扣非 归母净利润 8.66 亿元，同比+125.96%，Q1、Q2 单季同比+55.34%/+57.84%， 收入利润同比逆势增长并加速，预计主要受海外业务增长和尼日利亚并表贡 献，国内水泥量价仍有承压。 毛利率同比延续改善，财务费用率明显降低。2025 年 1-9 月，公司实现综合 毛 利 率 29.5% ， 同 比 +5.47pp ， Q1 、 Q2 、 Q3 单 季 度 毛 利 率 分 别 ...

Core Viewpoint - The recent fluctuations in the national carbon emission trading market prices are normal and influenced by multiple factors such as supply-demand relationships, market expectations, trading behaviors, and market psychology [1][4]. Group 1: Market Expansion and Impact - The State Council approved the inclusion of the steel, cement, and aluminum smelting industries into the carbon emission trading market, marking a significant step in promoting green and low-carbon transformation in these sectors [3]. - The carbon market's expansion is expected to enhance emission reduction responsibilities for enterprises, transitioning from intensity control to total volume control during the 14th Five-Year Plan period, with a focus on stable carbon emission industries by 2027 [3][5]. Group 2: Low-Carbon Investment and Innovation - The carbon market has driven low-carbon investments and accelerated the innovation and promotion of green low-carbon technologies, with enterprises integrating carbon asset management into their daily operations [4]. - The carbon trading has reportedly reduced the overall emission reduction costs in the power generation sector by approximately 35 billion RMB during the first two compliance cycles, indicating a positive impact on cost-effectiveness in the newly included industries [4]. Group 3: Future Directions - The Ministry of Ecology and Environment plans to further expand the coverage of the carbon market, prioritize total volume control in stable carbon emission industries, and enhance the pricing function of the carbon market to reflect true emission reduction costs [5].

21世纪经济报道记者卢陶然、李德尚玉 北京报道 夏应显表示，下一步生态环境部将进一步按照两办《关于推进绿色低碳转型，加强碳市场建设的意见》的相关工作部署，持续 扩大行业的覆盖范围，在碳排放总量相对稳定的行业优先实施配额总量控制，推行配额有偿分配，丰富交易主体，进一步收紧 四个行业的配额。通过上述措施，进一步强化碳市场的定价功能，推动形成更好反映真实减排成本的碳价，努力实现碳减排资 源配置效率的最优化和效率的最大化。 会上，夏应显还进一步介绍了全国碳排放权交易市场和全国温室气体自愿减排交易市场的建设情况和未来工作重点。 2027年实施碳排稳定行业配额总量控制 今年3月份，国务院正式批准钢铁、水泥、铝冶炼这三个行业正式纳入到碳排放权交易市场。 夏应显表示，生态环境部发布《全国碳排放权交易市场覆盖水泥、钢铁、铝冶炼行业工作方案》，实现碳市场首次扩围。纳入 碳市场将有效推动这三个行业的绿色低碳转型，主要体现在以下三个方面。 首先是增强减排驱动，压实企业减排责任。"十五五"期间，全国碳排放权交易市场将逐步由强度控制转向总量控制。到2027 年，对碳排放总量相对稳定的行业优先实施配额总量控制。钢铁、水泥、铝冶炼这三个行业 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company achieved a revenue of 25.033 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 1.27%. The net profit attributable to shareholders was 2.004 billion yuan, up 76.0% year-on-year, with a basic earnings per share (EPS) of 0.97 yuan [9][4]. - The growth in revenue and profit is primarily attributed to the expansion of overseas business and the consolidation of the Nigerian acquisition, while domestic cement prices and volumes remain under pressure [4][9]. - The company has made significant progress in its internationalization strategy, with non-cement business contributing 43% to revenue and 44% to EBITDA as of mid-2025 [4][25]. Financial Performance - The gross margin improved to 29.5%, an increase of 5.47 percentage points year-on-year, with quarterly gross margins showing a slight decline in Q3 compared to Q2 [3][12]. - Operating cash flow for the first nine months was 3.227 billion yuan, a decrease of 4.6% year-on-year, while the debt-to-asset ratio was 53.22%, slightly up from the previous quarter but still manageable [12][3]. - The company expects EPS for 2025-2027 to be 1.43, 1.77, and 1.92 yuan per share, with corresponding price-to-earnings (PE) ratios of 15.6, 12.6, and 11.6 [4][5]. Overseas Expansion - The company has established operations in 14 countries, including Tajikistan and Kyrgyzstan, and completed the equity transfer for the Nigerian acquisition, which has a cement production capacity of approximately 10.6 million tons per year [4][25]. - The overseas grinding capacity has surpassed 35 million tons per year, with ongoing projects in Mozambique expected to further enhance production capabilities [25][4]. Future Outlook - The company maintains its "Outperform the Market" rating, focusing on the continued growth of overseas operations and the potential recovery of domestic cement prices due to supply-side optimization [4][5]. - The financial forecasts indicate a stable growth trajectory, with expected revenue growth rates of 4.3% in 2025 and 11.2% in 2026 [5][4].