截至9月30日，万年青股东户数4.68万，较上期增加12.80%；人均流通股17053股，较上期减少11.35%。 2025年1月-9月，万年青实现营业收入33.28亿元，同比减少17.18%；归母净利润748.55万元，同比增长 7.27%。 分红方面，万年青A股上市后累计派现35.84亿元。近三年，累计派现3.93亿元。 11月21日，万年青盘中下跌2.10%，截至10:08，报5.59元/股，成交1026.34万元，换手率0.23%，总市值 44.58亿元。 资金流向方面，主力资金净流出22.30万元，大单买入20.32万元，占比1.98%，卖出42.62万元，占比 4.15%。 万年青今年以来股价涨14.86%，近5个交易日跌4.77%，近20日跌6.83%，近60日跌8.96%。 资料显示，江西万年青水泥股份有限公司位于江西省南昌市高新技术开发区京东大道399号万年青科技 园，成立日期1997年9月5日，上市日期1997年9月23日，公司主营业务涉及水泥、熟料、商砼、骨料及 新型墙材的生产及销售。主营业务收入构成为：水泥68.35%，混凝土22.71%，骨料5.43%，其他 2.25%，贸易1.17 ...

11月19日，万年青盘中下跌2.08%，截至13:44，报5.65元/股，成交2400.55万元，换手率0.53%，总市值 45.05亿元。 资金流向方面，主力资金净流出329.47万元，特大单买入0.00元，占比0.00%，卖出126.16万元，占比 5.26%；大单买入294.68万元，占比12.28%，卖出497.99万元，占比20.74%。 万年青今年以来股价涨16.09%，近5个交易日跌3.09%，近20日跌6.61%，近60日跌6.77%。 资料显示，江西万年青水泥股份有限公司位于江西省南昌市高新技术开发区京东大道399号万年青科技 园，成立日期1997年9月5日，上市日期1997年9月23日，公司主营业务涉及水泥、熟料、商砼、骨料及 新型墙材的生产及销售。主营业务收入构成为：水泥68.35%，混凝土22.71%，骨料5.43%，其他 2.25%，贸易1.17%，熟料0.09%。 万年青所属申万行业为：建筑材料-水泥-水泥制造。所属概念板块包括：创投、融资融券、水泥、长期 破净、破净股等。 截至9月30日，万年青股东户数4.68万，较上期增加12.80%；人均流通股17053股，较上期减少11.3 ...

Group 1 - The company has signed a new product sales framework agreement with Yunnan Construction Investment for the years 2026-2028, extending the existing agreement set to expire on December 31, 2025 [1] - A new procurement framework agreement for raw materials, products, and services has also been established with Yunnan Construction Investment for the same period, 2026-2028, to replace the expiring agreement [1] - The company has entered into a financial services framework agreement with Yunnan Construction Investment Financial Company for 2026-2028, which expands the types of transactions covered under the agreement [1] Group 2 - A leasing contract has been signed between the company's subsidiary, Phosphogypsum Company, and Yunnan Construction Investment's subsidiary, Yunnan Construction Investment Building Materials Technology Co., Ltd., for land and buildings in Anning, Yunnan [2] - The leasing is expected to exceed the annual limit set in the existing 2025-2027 land and building leasing framework agreement, necessitating a modification of the annual limit for 2025 [2] Group 3 - The company has applied to the Hong Kong Stock Exchange for the resumption of trading of its shares starting from 9:00 AM on November 19, 2025 [3]

Core Viewpoint - The company reported a revenue of 15.1 billion, a year-on-year decrease of 4.5%, while net profit reached 330 million, a year-on-year increase of 7.3%. However, the estimated net profit for Q3 2025 is 24 million, down 83% from 143 million in the same period last year [1][2]. Industry Overview - The cement industry is expected to face continued pressure in 2025, with national cement production in the first three quarters of 2025 at 1.259 billion tons, a year-on-year decrease of 5.2%. In September alone, production was 154 million tons, down 8.6% year-on-year [1]. - In the Guangdong and Guangxi markets, cement production growth rates for the first three quarters were -2.3% and -1.8%, respectively, which is better than the national average [1]. Company Performance - For the first three quarters of 2025, the company's total cement and clinker sales were 39.43 million tons, a year-on-year decrease of 10%, indicating a decline greater than the industry average. The average price was 232 yuan per ton, down 6 yuan year-on-year [1]. - Concrete sales increased by 26% to 10.46 million cubic meters, with an average price of 296 yuan per cubic meter, down 38 yuan year-on-year [1]. - Aggregate sales reached 58.59 million tons, a year-on-year increase of 27%, with an average price of 34.7 yuan per ton, down approximately 2 yuan year-on-year [1]. Financial Metrics - The company's overall gross margin for the first three quarters of 2025 was 16.9%, an increase of 1.7 percentage points from 15.2% in the same period of 2024. This increase was primarily due to a decrease in the cost of cement product sales compared to 2024, although it was partially offset by a decline in gross margins for aggregates and other segments [2]. - The gross margins for cement products, concrete, and aggregates were 17.1%, 14.7%, and 25.4%, respectively, compared to 12.6%, 12.4%, and 38.6% in 2024 [2]. - Operating expenses, particularly management fees, have increased overall [2]. Future Outlook - The company anticipates that supply-side governance will provide price recovery elasticity. The cement industry is focusing on overproduction governance, which may lead to the elimination of some production capacity. Strict adherence to approved production capacity could optimize production order and improve actual capacity utilization [2]. - For 2025-2026, the expected net profits are 510 million and 830 million, corresponding to price-to-earnings ratios of 21 and 13 times, respectively, with a buy rating [2].

Group 1 - The core point of the article highlights the decline in the stock price of Huaxin Cement, which fell by 5.05% to 22.96 CNY per share, with a trading volume of 273 million CNY and a turnover rate of 0.87%, resulting in a total market capitalization of 47.734 billion CNY [1] - Huaxin Cement Group Co., Ltd. is primarily engaged in the manufacturing and sales of cement, with its main business revenue composition being: cement sales at 54.56%, concrete sales at 21.54%, aggregate sales at 17.22%, other sales at 4.21%, and clinker sales at 2.47% [1] - The company was established on November 30, 1993, and was listed on January 3, 1994, with its headquarters located in Wuhan, Hubei Province [1] Group 2 - From the perspective of fund holdings, only one fund under Western Lide has a significant position in Huaxin Cement, specifically the Western Lide Value Return Mixed A fund, which held 28,100 shares, accounting for 1.01% of the fund's net value, ranking as the fifth-largest holding [2] - The Western Lide Value Return Mixed A fund has a total scale of 4.27 million CNY and has achieved a return of 25.32% this year, ranking 3589 out of 8147 in its category [2] - The fund manager, Chen Yuanhua, has been in position for 4 years and 72 days, with the fund's total asset scale at 51.7165 million CNY, achieving a best return of 44.52% and a worst return of -12.67% during his tenure [3]

丨证券研究报告丨 [Table_Summary] 公司披露 3 季报：实现收入 151 亿，同比下降 4.5%；净利润 3.3 亿，同比增长 7.3%。测算 25Q3 公司归属净利润 0.24 亿，同期为 1.43 亿；同比下降 83%。 分析师及联系人 [Table_Author] 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 SFC：BVZ972 [Table_scodeMsg1] 港股研究丨公司点评丨华润建材科技（01313.HK） [Table_Title] 基本面承压，叠加管理费用增加，盈利下滑 报告要点 请阅读最后评级说明和重要声明 %% %% 就公司层面来看：1、公司 2025 年前 3 季度水泥和熟料合计销量 3943 万吨，同比下降 10%，水泥销量降幅大于行业，体现出公司积极维护市场价格体系的自律担当；价格 232 元/吨，同比下降 6 元/吨；2、混凝土销量 1046 万方，同比增长 26%；价格 296 元/方， 同比下降 38 元/方；3、骨料销量 5859 万吨，同比增长 27%；价格 34.7 元/吨，同比下 降约 ...

Economic Trends - Industrial production is expected to slow down, with recent supply-side indicators showing signs of weakening, particularly in capacity utilization rates which have declined across various sectors[1] - October's industrial added value growth rate is likely to decelerate, correlating with a drop in exports and port cargo throughput[1] Price Dynamics - October inflation data exceeded expectations, with CPI turning positive year-on-year and PPI showing its first positive growth of the year, indicating a stabilization in prices[1] - However, CPI is expected to remain low due to a significant year-on-year decline in pork prices, which have dropped over 25%[1] Investment and Consumption - Investment demand remains weak, with real estate sales data returning to levels seen before last year's peak, suggesting further slowdown in real estate investment growth[1] - Despite weak investment, consumer spending shows potential for improvement, driven by seasonal increases in service and food prices, alongside e-commerce promotions and consumption subsidies[1] Risks and Challenges - Risks include geopolitical tensions, domestic policy implementation falling short of expectations, and potential global recession impacts[1]

Group 1 - The core point of the article highlights the recent decline in the stock price of Huaxin Cement, which fell by 5.02% to 23.06 CNY per share, with a trading volume of 318 million CNY and a turnover rate of 1.00%, resulting in a total market capitalization of 47.942 billion CNY [1] - Huaxin Cement Group Co., Ltd. is based in Wuhan, Hubei Province, and was established on November 30, 1993, with its listing date on January 3, 1994. The company primarily engages in cement manufacturing and sales, cement technology services, research, manufacturing, installation and repair of cement equipment, and import-export trade of cement and related products [1] - The revenue composition of Huaxin Cement includes 54.56% from cement sales, 21.54% from concrete sales, 17.22% from aggregate sales, 4.21% from other sources, and 2.47% from clinker sales [1] Group 2 - According to data from the top ten holdings of funds, one fund under CICC, the CICC Growth Navigator Mixed Fund A (019628), has a significant position in Huaxin Cement, holding 15,300 shares, which accounts for 2.29% of the fund's net value, ranking as the eighth largest holding. The estimated floating loss today is approximately 18,700 CNY [2] - The CICC Growth Navigator Mixed Fund A (019628) was established on October 15, 2024, with a latest scale of 6.3106 million CNY. Year-to-date returns are 21.96%, ranking 4182 out of 8219 in its category, while the one-year return is 22.1%, ranking 3282 out of 8125. Since inception, the fund has achieved a return of 22.89% [2]

Conference Call 3Q25-Results Disclaimer and Forward-Looking Statement This presentation may contain forward-looking statements within the meaning of federal securities law that are subject to risks and uncertainties. These statements are only predictions based upon our current expectations and projections about possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminol ...

Core Viewpoint - The stock of Shangfeng Cement has shown significant volatility, with a year-to-date increase of 57.47%, but recent declines in the short term indicate potential market fluctuations [1][2]. Group 1: Stock Performance - On November 7, Shangfeng Cement's stock rose by 2.31%, reaching 11.07 CNY per share, with a trading volume of 40.18 million CNY and a turnover rate of 0.38%, resulting in a total market capitalization of 10.73 billion CNY [1]. - The stock has experienced a decline of 1.95% over the last five trading days and 5.38% over the last 20 days, while showing a 19.42% increase over the last 60 days [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on July 23, where it recorded a net purchase of 6.31 million CNY [1]. Group 2: Company Overview - Shangfeng Cement, established on March 6, 1997, and listed on December 18, 1996, is located in Hangzhou, Zhejiang Province, and specializes in the production and sale of cement and related materials [2]. - The company's revenue composition includes cement (69.85%), clinker (16.78%), sand and gravel aggregates (6.20%), concrete (2.76%), environmental disposal (2.25%), other businesses (1.96%), and real estate (0.21%) [2]. - As of October 31, the number of shareholders increased to 43,400, with an average of 22,322 circulating shares per person, a decrease of 4.05% [2]. Group 3: Financial Performance - For the period from January to September 2025, Shangfeng Cement reported a revenue of 3.598 billion CNY, a year-on-year decrease of 5.69%, while the net profit attributable to shareholders increased by 30.56% to 528 million CNY [2]. - The company has distributed a total of 3.95 billion CNY in dividends since its A-share listing, with 1.318 billion CNY distributed over the past three years [3].