Investment Rating - The investment rating for the company is "Buy" [6][8]. Core Views - The company reported a revenue of 21.055 billion yuan for 2025, a year-on-year decrease of 8.6%, while the net profit attributable to shareholders was 479 million yuan, reflecting a significant year-on-year increase of 127.3% [3][4]. Summary by Relevant Sections Operational Analysis - Demand remains under pressure, but cost reduction efforts provide marginal support. The company's cement production for 2025 was 55.42 million tons, a decline of 10.2% year-on-year, which is greater than the national average decline of 6.9%. This indicates a sacrifice in market share [4]. - The average selling price of cement in 2025 was 228 yuan per ton, down 6.3% year-on-year, while the ready-mixed concrete price decreased by 10.8% to 285 yuan per cubic meter. The aggregate price fell by 7.4% to 34 yuan per ton [4]. - The cost per ton of cement was 192 yuan, down 8% year-on-year, primarily due to a 16.5% decrease in coal procurement prices to 670 yuan per ton, along with a notable reduction in electricity costs [4][5]. Profitability and Expenses - The gross profit per ton of cement increased by 2 yuan to 39 yuan, while the gross profit for ready-mixed concrete also rose by 2 yuan to 41 yuan per cubic meter. However, the gross profit for aggregates decreased by 5 yuan to 8 yuan per ton [5]. - Total selling, general, and administrative expenses were 2.85 billion yuan, down approximately 200 million yuan year-on-year, and financial expenses were 447 million yuan, a decrease of nearly 100 million yuan [5]. Future Performance Expectations - The company is expected to achieve net profits of 570 million yuan and 840 million yuan in 2026 and 2027, respectively, corresponding to price-to-earnings ratios of 17 and 11 times [6]. - Capital expenditures for 2025 were 1.83 billion yuan, significantly reduced from 3.03 billion yuan in 2024, indicating a cautious expansion strategy amid a down cycle [8].

Group 1: Market Outlook and Demand - The outlook for cement demand in 2026 is supported by increased infrastructure investment from special bonds and long-term treasury bonds, despite being in a downward trend [2] - National policies since 2025 aimed at capacity reduction and stable growth have laid a solid foundation for supply-demand improvement [2] - Cement prices are expected to fluctuate throughout 2026, with recovery dependent on supply-side adjustments and policy effectiveness [3] Group 2: Production and Capacity Management - The company is actively monitoring and enforcing production limits in the Beijing-Tianjin-Hebei region, with differentiated measures for various levels of overproduction [4] - As of Q1 2026, the company has completed announcements for the replacement of 34 production lines, involving 16 lines being phased out and 18 new lines being introduced [5] Group 3: Strategic Integration and Expansion - The company continues to pursue a strategic layout of "one core, one body, two wings," focusing on mergers and acquisitions to enhance market competitiveness [4] - Recent acquisitions, such as the purchase of Shuangyashan Cement, have filled regional gaps and strengthened market positions [4] Group 4: Carbon Management and Sustainability - The company has established a comprehensive carbon management system, achieving a CO2 emission rate of less than 0.7812 tons per ton of clinker in 2025 [6] - All cement kiln enterprises are now included in the national carbon market, with expectations for carbon revenue based on existing technology and emission reduction effectiveness [6] Group 5: Industry Chain Extension and International Business - The company is developing an integrated "cement+" industry system, focusing on aggregates, ready-mixed concrete, and mortar to enhance resilience and resource utilization [6] - The Mamba company in Northern South Africa has an annual clinker capacity of 870,000 tons and cement capacity of 1 million tons, generating over 100 million RMB in profit [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market by more than 15% over the next 12 months [13][22]. Core Views - The company reported a net profit attributable to shareholders of RMB 2.85 billion for 2025, representing an 18.1% year-on-year increase, with a non-recurring net profit of RMB 2.69 billion, up 51% year-on-year [8][9]. - The overseas cement business is experiencing significant growth, with a 25% increase in sales volume to 2.03 million tons in 2025, contributing to 33% of revenue and 46% of gross profit from overseas operations [10][11]. - The domestic cement business showed a slight improvement in profitability, with a projected sales volume of 4.165 million tons in 2025, down 5.5% year-on-year, but with expected gross margin improvement due to cost reductions [10][11]. Financial Summary - Revenue projections for the company are as follows: - 2024: RMB 34.22 billion - 2025: RMB 35.35 billion - 2026: RMB 39.66 billion - 2027: RMB 42.53 billion - 2028: RMB 45.43 billion - Growth rates are projected at 1.4%, 3.3%, 12.2%, 7.3%, and 6.8% respectively [2]. - EBITDA is expected to grow from RMB 8.15 billion in 2024 to RMB 14.31 billion in 2028, reflecting a strong upward trend [2]. - The company’s net profit is projected to reach RMB 5.17 billion by 2028, with a compound annual growth rate of 11.7% from 2026 to 2028 [2][12]. Valuation Metrics - The report estimates the company's price-to-earnings (P/E) ratio to be 10.4 in 2024, increasing to 17.9 in 2025, and then decreasing to 8.5 by 2028 [2][12]. - The estimated reasonable value for the company's A-shares is RMB 28.24 per share, while the H-shares are valued at HKD 21.33, based on a target P/E of 15 times for 2026 [13].

Investment Rating - The investment rating for the company is "Buy-A/Buy-H" with a current price of 23.42 CNY and a reasonable value of 30.16 CNY for A-shares and 30.09 HKD for H-shares [4]. Core Views - The company reported a net profit attributable to shareholders of 8.1 billion CNY in 2025, representing a year-on-year increase of 5.4%. The net profit for Q4 was 1.81 billion CNY, down 27.6% year-on-year and 6.6% quarter-on-quarter [8][9]. - The company benefits from a decline in coal prices, leading to a slight increase in profitability for cement, while aggregate and concrete gross profits decreased by 2.4% [10]. - Capital expenditures are expected to decrease, with a cash dividend of 4.486 billion CNY in 2025, reflecting a slight increase in the dividend payout ratio to 55% [13]. - The company is projected to have a net profit of 9.1 billion CNY in 2026, with corresponding P/E ratios of 13.5, 11.0, and 9.5 for 2026, 2027, and 2028 respectively [14]. Summary by Sections Financial Performance - Revenue for 2025 was 82.532 billion CNY, with a growth rate of -9.3%. EBITDA was 17.534 billion CNY, and net profit attributable to shareholders was 8.113 billion CNY, with a growth rate of 5.4% [2][18]. - The company’s earnings per share (EPS) for 2025 was 1.53 CNY, with a projected increase to 1.71 CNY in 2026 [18]. Business Segments - Cement and clinker sales volume in 2025 was 265 million tons, down 1.13% year-on-year, with an average price of 230 CNY per ton, a decrease of 16 CNY year-on-year [10]. - Aggregate revenue was 4.2 billion CNY, down 10% year-on-year, while concrete revenue increased by 20% to 3.2 billion CNY, with a gross profit margin of 12.4% [10]. Capital Expenditure and Dividends - Capital expenditure for 2025 was 11 billion CNY, with a planned increase to 11.8 billion CNY in 2026, significantly lower than the levels from 2021 to 2024 [13]. - The company’s cash dividend for 2025 was 4.486 billion CNY, with a payout ratio of 55%, indicating a slight increase from the previous year [13]. Profitability Outlook - The company is expected to maintain a net profit of approximately 30 CNY per ton in 2024-2025, with a potential improvement in profitability in 2026 due to supply-side adjustments [13][14].

Core Insights - The overall revenue and profit of the company are under pressure due to the continued downturn in the real estate industry, with significant divergence in performance across its core segments [1] - The new green building materials segment has shown resilience, achieving revenue growth and profit improvement, while the real estate development and operation segment has faced severe adjustments, negatively impacting overall performance [1] Financial Performance - In 2025, the company reported total revenue of 91.113 billion yuan, a year-on-year decrease of 17.7%, with main business revenue at 90.612 billion yuan, down 17.44% [1] - The total profit for the year was 0.32 billion yuan, a dramatic decline of 92.91% year-on-year, while the net profit was -1.507 billion yuan, remaining relatively stable compared to the previous year [1] - The net profit attributable to shareholders was -1.009 billion yuan, representing an 81.83% year-on-year increase in loss [1] Segment Performance - The new green building materials segment achieved main business revenue of 79.58 billion yuan, an increase of 1.68% year-on-year, and a profit of 0.218 billion yuan, up by 0.915 billion yuan year-on-year [1] - Cement and clinker sales reached 83.45 million tons, a slight decline of 1.13% year-on-year, with cement sales at 73.32 million tons, down 2.85% [2] - The concrete business saw sales of 15.688 million cubic meters, a year-on-year increase of 20.3%, despite a decrease in selling price [2] Real Estate Development - The real estate development and operation segment faced significant contraction, with main business revenue dropping to 11.498 billion yuan, a decrease of 64.88% year-on-year [2] - The segment reported a total profit of -0.186 billion yuan, a decline of 1.339 billion yuan year-on-year, indicating a shift from profit to loss [2] - Key operational metrics showed a reduction in transferred area to 531,800 square meters, down 51.77% year-on-year, and a total contract signing amount of 10.912 billion yuan, down 18.98% [3]

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，概不會就本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 北 京 金 隅 集 團 股 份 有 限 公 司 BBMG Corporation* 本公告乃北京金隅集團股份有限公司（「本公司」)按香港聯合交易所有限公司證券上市規則 第13.10B條發出。 茲載列本公司於二零二六年三月三十日在中華人民共和國上海證券交易所網站刊登之2025 年年度報告，僅供參閱。 承董事會命 北京金隅集團股份有限公司 主席 姜英武 中國北京，二零二六年三月三十日 於本公告日期，本公司執行董事為姜英武、顧昱及鄭寶金；非執行董事為孔慶輝、顧鐵民及 趙新軍；以及獨立非執行董事為劉太剛、洪永淼、譚建方及尹援平。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2009） 海外監管公告 * 僅供識別 北京金隅集团股份有限公司2025 年年度报告 1 / 290 北京金隅集团股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完 ...

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，概不會就本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 北 京 金 隅 集 團 股 份 有 限 公 司 BBMG Corporation* （於中華人民共和國註冊成立的股份有限公司） （股份代號：2009） 海外監管公告 本公告乃北京金隅集團股份有限公司（「本公司」)按香港聯合交易所有限公司證券上市規則 第13.10B條發出。 茲載列本公司於二零二六年三月三十日在中華人民共和國上海證券交易所網站刊登之2025 年年度報告摘要，僅供參閱。 承董事會命 北京金隅集團股份有限公司 主席 姜英武 中國北京，二零二六年三月三十日 1、 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到 www.sse.com.cn 网站仔细阅读年度报告全文。 於本公告日期，本公司執行董事為姜英武、顧昱及鄭寶金；非執行董事為孔慶輝、顧鐵民及 趙新軍；以及獨立非執行董事為劉太剛、洪永淼、譚建方及尹援平。 * 僅供識別 北京金隅集团股份有限公 ...

Group 1: Financial Performance - The company reported operating revenue of RMB 91.113 billion, a year-on-year decrease of 17.7% [1] - The net loss attributable to the parent company was RMB 1.009 billion, an increase of 81.83% year-on-year [1] - The basic loss per share attributable to shareholders was approximately RMB 0.19 [1] - A final dividend of RMB 0.05 per share is proposed [1] Group 2: Green Building Materials Segment - The green building materials segment achieved operating revenue of approximately RMB 79.58 billion, a year-on-year increase of about 1.7% [1] - The gross profit for the green building materials segment was approximately RMB 8.064 billion, an increase of 11.9% year-on-year [1] - The sales volume of cement and clinker was approximately 83.45 million tons, a year-on-year decrease of about 1.1% [1] - Cement sales were approximately 73.32 million tons, down 2.8% year-on-year, while clinker sales increased by 13.4% to approximately 10.13 million tons [1] - The comprehensive gross margin for cement and clinker was approximately 20.9%, an increase of about 5.0 percentage points year-on-year [1] Group 3: Concrete Business - The concrete business achieved a sales volume of approximately 15.69 million cubic meters, a year-on-year increase of about 20.3% [1] - The selling price of concrete was RMB 279.3 per cubic meter, a decrease of approximately RMB 25.5 per cubic meter year-on-year [1] - The gross margin for concrete was approximately 10.7%, an increase of about 2.2 percentage points year-on-year [1] Group 4: Real Estate Development and Operations - The real estate development and operations segment reported operating revenue of approximately RMB 11.498 billion, a year-on-year decrease of 64.9% [2] - The gross profit for this segment was approximately RMB 2.638 billion, a decrease of 36.4% year-on-year [2] - The area transferred was 531,800 square meters, a year-on-year decrease of 51.8%, with residential property transfer area down 56.5% to 426,000 square meters [2] - The cumulative contract signing amount was approximately RMB 10.912 billion, a year-on-year decrease of 19.0% [2] - The total land reserve area owned by the company was 5.4637 million square meters as of the end of the reporting period [2]

Group 1: Financial Performance - The company reported operating revenue of RMB 91.113 billion, a year-on-year decrease of 17.7% [1] - The net loss attributable to the parent company was RMB 1.009 billion, an increase of 81.83% year-on-year [1] - The basic loss per share attributable to the parent company's shareholders was approximately RMB 0.19 [1] - A final dividend of RMB 0.05 per share is proposed [1] Group 2: Green Building Materials Segment - The green building materials segment achieved operating revenue of approximately RMB 79.58 billion, a year-on-year increase of about 1.7% [1] - The gross profit for the green building materials segment was approximately RMB 8.064 billion, an increase of 11.9% year-on-year [1] - The comprehensive gross profit margin for cement and clinker was approximately 20.9%, an increase of about 5.0 percentage points year-on-year [1] Group 3: Cement and Clinker Sales - Cement and clinker sales totaled approximately 83.45 million tons, a year-on-year decrease of about 1.1% [1] - Cement sales were approximately 73.32 million tons, a decrease of 2.8% year-on-year [1] - Clinker sales were approximately 10.13 million tons, an increase of 13.4% year-on-year [1] Group 4: Concrete Business - The concrete business achieved sales volume of approximately 15.69 million cubic meters, a year-on-year increase of 20.3% [1] - The selling price of concrete was RMB 279.3 per cubic meter, a decrease of RMB 25.5 per cubic meter year-on-year [1] - The gross profit margin for concrete was approximately 10.7%, an increase of 2.2 percentage points year-on-year [1] Group 5: Real Estate Development and Operations - The real estate development and operations segment reported operating revenue of approximately RMB 11.498 billion, a year-on-year decrease of 64.9% [2] - The gross profit for the real estate segment was approximately RMB 2.638 billion, a decrease of 36.4% year-on-year [2] - The area transferred was 531,800 square meters, a decrease of 51.8% year-on-year, with commercial housing transfer area down 56.5% [2] - The cumulative contract signing amount was approximately RMB 10.912 billion, a decrease of 19.0% year-on-year [2] - The total land reserve area owned by the company was 5.4637 million square meters [2]

Investment Rating - The investment rating for Huaxin Cement (600801.SH) is "Recommended" [3][11]. Core Views - The company achieved a revenue of 35.35 billion yuan in 2025, representing a year-on-year growth of 3.3%, and a net profit attributable to shareholders of 2.85 billion yuan, up 18.1% year-on-year. However, Q4 revenue was 10.32 billion yuan, showing an 8.6% increase, while net profit decreased by 33.5% year-on-year [3][6]. - The company plans to distribute a cash dividend of 0.55 yuan per share, which accounts for 40% of the net profit attributable to shareholders [3]. - The growth in revenue and profit is attributed to the decline in domestic coal costs, cost reduction initiatives, and the continuous growth of overseas business [6][7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 35.35 billion yuan in 2025 to 39.33 billion yuan in 2026, with a year-on-year growth of 11.3% [5][9]. - Net profit is expected to increase from 2.85 billion yuan in 2025 to 3.59 billion yuan in 2026, reflecting a growth of 25.9% [5][9]. - **Profitability Ratios**: - Gross margin is forecasted to be 30.2% in 2025, increasing to 31.2% in 2026 [9]. - Net margin is expected to rise from 8.1% in 2025 to 9.1% in 2026 [9]. - **Earnings Per Share (EPS)**: - EPS is projected to increase from 1.37 yuan in 2025 to 1.73 yuan in 2026 [9]. Business Segment Performance - **Domestic Market**: - The company achieved a domestic cement and clinker sales volume of 41.65 million tons, with a decline less than the national average [7]. - Aggregate production reached 219 million tons, a year-on-year increase of 5.15%, with external sales up 12.19% [7]. - **Overseas Market**: - Overseas cement and clinker sales volume reached 20.3 million tons, a growth of 25%, with revenue from overseas operations increasing by 48% to 11.8 billion yuan [6][7]. - The company is set to become the largest cement producer overseas, with a total capacity exceeding 40 million tons [6][7]. Future Outlook - The company plans to achieve global sales of approximately 67 million tons of cement and clinker, 19 million tons of aggregates, and 3 million cubic meters of concrete in 2026, with total revenue expected to exceed 40 billion yuan [7]. - Capital expenditures are projected to exceed 15 billion yuan, focusing on enhancing existing overseas cement capacity and acquisition activities [7].