云南建投混凝土(01847)发布公告，鉴于2023年产品销售框架协议的期限将于2025年12月31日届满，本 公司于2025年11月17日与云南建投订立2026-2028年度产品销售框架协议，本公司同意向云南建投销售 建筑材料(含混凝土、砂石料、外加剂、预制构件等)，固废及新材料，及其他产品。2026-2028年度产品 销售框架协议将在本公司于临时股东会上获得独立股东批准后，于2026年1月1日起生效，有效期至2028 年12月31日。 于2025年11月17日，本公司附属公司-磷石膏公司与云南建投附属公司-云南建投建材科技有限责任公司 (建材科技公司)订立租赁合同(租赁合同)，租赁其位于云南省安宁市的土地及房屋用于办公及生产、生 活等。由于该等租赁预计将导致2025-2027年度土地、房屋租赁框架协议下的2025年年度上限超出现有 年度上限，因此需要修改2025-2027年度土地、房屋租赁框架协议下的2025年年度上限。 为有效利用优质存量资产，合理控制投资规模，确保项目年内投产，安宁磷石膏综合利用项目以"临近 原料端、贴近市场端"为布局原则，由建材科技作为投资主体，提供其位于安宁工业园区草铺片区的土 地及 ...

Group 1 - The company has signed a product sales framework agreement with Yunnan Construction Investment for the years 2026-2028, which includes the sale of construction materials, solid waste, new materials, and other products, effective from January 1, 2026, pending independent shareholder approval [1] - A procurement framework agreement for raw materials, products, and services has also been established with Yunnan Construction Investment for the same period, renewing the existing agreement set to expire on December 31, 2025 [1] Group 2 - The company has entered into a financial services framework agreement with Yunnan Construction Investment Financial Company for the years 2026-2028, which expands the types of transactions covered under the previous agreement expiring on December 31, 2025 [2] - A lease agreement has been signed between the company's subsidiary and Yunnan Construction Investment's subsidiary for land and buildings in Anning, necessitating an amendment to the annual cap of the existing lease framework agreement for 2025-2027 [2] Group 3 - The Anning phosphogypsum comprehensive utilization project aims to utilize quality existing assets and control investment scale, with a focus on proximity to raw materials and markets, managed by a newly established company responsible for project management [3] - The project will utilize land and facilities from Yunnan Construction Investment's subsidiary, with the goal of establishing a full industrial chain demonstration base for phosphogypsum [3] Group 4 - A fixed asset loan agreement has been signed for a maximum principal amount of RMB 84 million to support the project, with joint management of the loan account between the company and its subsidiary [4] - Yunnan Construction Investment provides a joint liability guarantee for the loan, alongside the project management company acting as a guarantor [4] - The company has applied for the resumption of trading of its shares on the stock exchange starting from November 19, 2025 [4]

Financial Data and Key Metrics Changes - Consolidated EBITDA rose sharply, increasing at a double-digit rate, with a margin expansion of 2.5 percentage points, reaching its highest level for a third quarter since 2020 [6][9][12] - Free cash flow from operations was close to $540 million, an improvement of more than $350 million versus the third quarter of last year, with a conversion rate reaching 41% on a trailing 12-month basis [27][29] - Net income performance in the quarter grew by 8% when adjusting for discontinued operations, with record net income of $1.3 billion for the first nine months of the year [9][30] Business Line Data and Key Metrics Changes - In Mexico, EBITDA grew 11%, driven by a leaner cost base and higher prices, despite lower volumes [18] - The U.S. operations reached record third-quarter EBITDA and EBITDA margin, driven by increased cost efficiencies and higher prices [20] - The South Central America and Caribbean region posted impressive results, with EBITDA rising by 54% and margin expanding by 6.8 percentage points [25] Market Data and Key Metrics Changes - Demand conditions in Mexico are showing signs of improvement, while Europe continues with its volume growth trend [8][10] - In the EMEA region, cement volumes grew high single digits, driven by infrastructure throughout Eastern Europe, with ready-mix and aggregate volumes expanding by 13% and 1% respectively in the Middle East and Africa [24][25] - The U.S. market continues to reflect strengths in infrastructure, offset by persistent softness in the residential sector [22] Company Strategy and Development Direction - The company is focused on operational excellence, free cash flow conversion, and return on capital, with a strategic shift towards small to mid-size acquisitions [15][31] - Project Cutting Edge aims for annualized recurring EBITDA savings of $400 million by 2027, with significant progress already made [12][14] - The company is prioritizing growth in the U.S., Mexico, and Europe, while maintaining a disciplined approach to capital allocation [15][86] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in demand conditions, particularly in Mexico, with expectations of 2.5% to 3% growth in demand volumes next year [41] - The company anticipates continued improvements in free cash flow generation and conversion rates as strategic priorities are advanced [9][31] - Management highlighted the importance of infrastructure spending and potential benefits from the upcoming renegotiation of the USMCA trade agreement [20] Other Important Information - The company completed the divestment of its operations in Panama at an attractive multiple and reinvested in Couch Aggregates to strengthen its position in the U.S. [16] - The company is advancing its decarbonization agenda, having already surpassed the European Cement Association's 2030 consolidated net CO2 emissions target [25] Q&A Session Summary Question: Cash conversion expectations for next year and 2027 - Management targets around 45% free cash flow conversion from operations in 2026, with further improvements expected beyond that [34] Question: Outlook for Mexico's demand recovery - Management expects demand volumes in Mexico to grow by no less than 2.5% to 3% next year, supported by infrastructure projects [41] Question: Breakdown of EBITDA margin expansion in Mexico - The 500 basis points improvement in EBITDA margin was driven by prices, SG&A reductions, and lower variable costs, including a significant decrease in unitary fuel costs [47] Question: Urbanization solutions business performance - The decline in revenue and EBITDA is mainly due to weakness in residential and infrastructure activity, not project completions [67] Question: Debt profile and maturities - Management is considering extending maturities and is comfortable with a leverage range between 1.5 to 2 times, focusing on maintaining an investment-grade rating [75][79]

Financial Data and Key Metrics Changes - Consolidated EBITDA rose sharply, increasing at a double-digit rate, with significant margin gains driven by cost savings and higher prices [5][6][8] - EBITDA margin expanded by 2.5 percentage points, reaching its highest level for a third quarter since 2020 [7][11] - Free cash flow from operations improved significantly, reaching approximately $540 million, an increase of over $350 million year-over-year [25][26] Business Line Data and Key Metrics Changes - In Mexico, EBITDA grew by 11%, driven by a leaner cost base and higher prices despite lower volumes [16] - The U.S. operations achieved record third-quarter EBITDA and margins, supported by increased cost efficiencies and higher prices [18][19] - The EMEA region saw strong performance, with new records in EBITDA and margins, particularly in Eastern Europe and the Middle East [22][23] Market Data and Key Metrics Changes - Demand conditions in Mexico are showing signs of improvement, with average daily cement sales volume outperforming historical patterns [16] - In the U.S., infrastructure demand remains strong, while residential sector weakness persists [19][52] - The South Central America and Caribbean region posted impressive results, with EBITDA rising by 54% [24] Company Strategy and Development Direction - The company is focused on operational excellence and delivering industry-leading shareholder returns, with a strategic plan aimed at enhancing profitability and free cash flow conversion [4][13] - Project Cutting Edge aims for annualized recurring EBITDA savings of $400 million by 2027, with significant progress already made [11][12] - The company is prioritizing small to mid-size acquisitions in the U.S. and divesting non-core markets to strengthen its position [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in demand conditions, particularly in Mexico and the U.S., with expectations for volume growth in 2026 [18][39] - The company anticipates continued improvements in free cash flow conversion and operational efficiency as it progresses with its strategic initiatives [26][29] - Management highlighted the importance of maintaining a disciplined approach to capital allocation while pursuing growth opportunities [13][66] Other Important Information - The company completed the divestment of its operations in Panama and consolidated Couch Aggregates into its U.S. business [2][3][14] - The company is committed to decarbonization efforts, having surpassed the European Cement Association's 2030 CO2 emissions target [6][23] Q&A Session Summary Question: What should we expect for cash conversion next year and 2027? - Management targets around 45% free cash flow conversion from operations in 2026, with further improvements expected beyond that [32] Question: Can we expect a recovery in Mexico's demand volumes? - Management is confident that demand volumes in Mexico should grow by at least 2.5% to 3% next year, driven by infrastructure projects [38] Question: What contributed to the EBITDA margin expansion in Mexico? - The 500 basis points improvement was driven by price increases, reductions in SG&A, and lower variable costs, including energy [42] Question: How does the company view CCUS initiatives? - Management emphasized that CCUS remains a mid-term priority, but will only be pursued if it is accretive to value creation [45][46] Question: What is the outlook for U.S. M&A? - The company is actively looking at family-owned aggregate targets in the U.S. and is strengthening its team for bolt-on acquisitions [73]

Group 1 - Suobote (SH 603916) announced the convening of its 11th meeting of the 7th Board of Directors on October 28, 2025, to review the third quarter report for 2025 [1] - For the year 2024, Suobote's revenue composition is as follows: additives account for 72.64%, technical services account for 21.44%, other businesses account for 5.36%, and miscellaneous business accounts for 0.55% [1] - As of the report date, Suobote's market capitalization is 4.6 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a new "slow bull" pattern [1]