Core Insights - Sifang New Materials (605122) reported a decline in concrete production for Q3 2025, with a total output of 796,900 cubic meters, representing a year-on-year decrease of 16.69% [1] - The company experienced an increase in wet-mixed mortar production, which reached 20,000 cubic meters, marking a year-on-year growth of 12.55% [1] - Asphalt concrete production fell to 22,400 tons, showing a significant year-on-year decline of 34.74% [1] - The production of prefabricated concrete components increased to 7,000 cubic meters, reflecting a robust year-on-year growth of 40.42% [1]

Core Viewpoint - The company is facing significant challenges in 2024, with a substantial decline in revenue and net profit due to the downturn in the real estate and infrastructure sectors in Chongqing, leading to decreased demand for ready-mixed concrete and increased market competition [6][22]. Group 1: Meeting Details - The annual shareholders' meeting is scheduled for May 20, 2025, at 14:00 in Chongqing [5]. - The meeting will include both on-site and online voting methods [5]. - Participants will include shareholders, representatives, directors, supervisors, senior management, and invited intermediaries [5]. Group 2: Financial Performance - The company reported a revenue of 1.41 billion yuan in 2024, a decrease of 28.93% compared to the previous year [18]. - The net profit attributable to shareholders was -164 million yuan, marking a significant decline of 1,365.90% year-on-year [18]. - The company faced increased credit impairment losses due to liquidity issues among downstream real estate developers [6][18]. Group 3: Industry Context - The real estate sector in Chongqing saw a 27.5% decline in new construction area in 2024, contributing to a 25.45% drop in the overall sales volume of ready-mixed concrete [22]. - The average price of ready-mixed concrete (C30 specification) in Chongqing fell by 17.5 yuan per cubic meter in 2024 [22]. - The industry is undergoing deep adjustments, with intense competition leading to continuous price declines [6]. Group 4: Governance and Future Plans - The company plans to focus on stabilizing its cash flow and exploring opportunities for transformation and upgrading in response to market conditions [9][11]. - The board of directors and supervisory committee are committed to maintaining compliance with governance standards and protecting shareholder interests [9][14]. - The company aims to enhance its internal control systems and ensure compliance with information disclosure regulations [10][11].