2025年9月27日，德国必优集团在深圳隆重举行品牌上市挂牌仪式。这不仅是集团从企业到公众品牌的重要跃升，更标志着中国建材行业正迎来一个全新的 发展动力源泉。 19年坚守，品质铸就品牌 自成立以来，德国必优集团始终坚持"品质为先"的发展理念。19年来，集团专注解决建材行业产品同质化、施工难题及环保挑战，从原材料研发到生产工 艺，每一个环节都精益求精。凭借雄厚的研发实力和严格的质量管控，必优集团的产品已覆盖涂料、腻子、砂浆等建材核心领域，赢得行业与市场的高度认 可。 I and The Press An 11 ... 10 ... 1 国际视野，本土深耕 作为德国背景的建材集团，必优坚持国际标准与本土需求相结合，兼顾质量、环保与施工便利。旗下产品不仅通过多项国际检测认证，也在中国市场形成了 稳健的口碑和信赖度，为建材企业升级与家装项目提供可靠支持。 挂牌上市，迈入品牌高速发展新时代 挂牌上市不仅为集团带来了资本的助力，更为品牌发展注入全新动力。未来，德国必优集团将加速技术创新、拓展全国市场布局，并推动建材行业绿色化、 智能化、标准化发展，为行业树立新的标杆。 未来可期 从坚守到突破，从质量到品牌，德国必优集团正 ...

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]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, attributed to lower market demand, with a slight improvement in the second quarter [1] Group 1: Financial Performance - In 1H25, revenue decreased by 11% year-on-year to 13.6 billion, and net profit fell by 40% to 560 million [1] - In 2Q25, revenue showed a 6% year-on-year decline but increased by 28% quarter-on-quarter to 7.6 billion, while net profit decreased by 38% year-on-year but rose by 93% quarter-on-quarter to 370 million [1] Group 2: Business Development Trends - The company is experiencing marginal improvement in its civil construction business and is expanding its overseas market presence [2] - In 1H25, revenue from retail, engineering, and direct sales channels decreased by 7%, 5%, and 28% respectively, totaling 5.1 billion, 6.3 billion, and 2 billion [2] - The engineering and retail channels now account for approximately 84% of total revenue, with civil construction revenue growing over 10% year-on-year in 2Q25 [2] - The company is leveraging its waterproofing business to develop a nationwide channel network, with non-waterproof products like powder achieving rapid growth [2] - The company has successfully completed initial production trials at its Malaysia facility and signed a share purchase agreement for the acquisition of Construmart in Chile [2] Group 3: Margin and Cost Management - The company's overall gross margin decreased by 3.8 percentage points year-on-year to 25.4% in 1H25, primarily due to price reductions in engineering and civil construction products [3] - In 2Q25, the gross margin improved by 3 percentage points quarter-on-quarter to 26.7%, driven by the first round of price increases in construction products and a higher proportion of high-margin civil construction projects [3] - The company is expected to continue improving its gross margin in 2H25 as price increases for civil construction projects are implemented [3] Group 4: Cash Flow and Expense Management - The company has been focusing on reducing costs, resulting in a marginal improvement in net operating cash flow, which was -400 million in 1H25, an improvement from -1.3 billion in the same period last year [4] - The expense ratio for 1H25 was 17%, down by 1.5 percentage points year-on-year, with reductions in sales, management, and R&D expenses [4] - The impact of credit impairment on profit was 430 million in 1H25, with a reduction to 290 million in 2Q25, leading to an operating profit margin of approximately 8.6% after adjusting for impairment [4] Group 5: Earnings Forecast and Valuation - Due to slightly lower-than-expected demand, the company has adjusted its shipment volume assumptions but maintains the 2025 EPS forecast at 0.55 yuan [5] - The 2026 EPS forecast has been reduced by 11% to 0.75 yuan, with the current stock price corresponding to 23x and 17x P/E for 2025 and 2026 respectively [5] - The company maintains an outperform rating with a target price of 16 yuan, implying a potential upside of 28% based on 29x and 21x P/E for 2025 and 2026 respectively [5]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, attributed to market demand downturn and intense price competition, but is optimistic about potential profit recovery in the second half of the year due to price increases in the waterproof products sector [1][5]. Financial Performance - In H1 2025, the company achieved revenue of 13.569 billion yuan, a year-on-year decrease of 10.84%, and a net profit of 564 million yuan, down 40.16% year-on-year [1][2]. - Q2 2025 revenue was 7.614 billion yuan, reflecting a year-on-year decline of 5.64%, with net profit at 372 million yuan, down 37.52% year-on-year [1][2]. Channel Structure - The company’s revenue from retail, industrial channels, and direct sales in H1 2025 was 5.059 billion yuan, 6.347 billion yuan, and 2.036 billion yuan, with respective year-on-year growth rates of -6.98%, -5.26%, and -28.01% [2]. - Retail and industrial channels accounted for 84% of total revenue in H1 2025, with retail channel revenue share increasing by 1.54 percentage points [2]. Product Performance - Revenue from waterproof membranes, coatings, mortar, and engineering construction in H1 2025 was 5.513 billion yuan, 3.946 billion yuan, 1.996 billion yuan, and 849 million yuan, with respective year-on-year growth rates of -8.84%, -17.11%, -6.24%, and -32.34% [3]. - The gross margins for waterproof membranes, coatings, and mortar were 22.60%, 36.54%, and 26.59%, showing declines compared to the previous year [3]. International Expansion - The company achieved overseas revenue of 576 million yuan in H1 2025, a year-on-year increase of 42.16%, contributing to 4.25% of total revenue [3]. - The company is actively pursuing international supply chain and channel development, including a planned acquisition of 100% of Chilean building materials supermarket Construmart S.A. [3]. Cost and Cash Flow Management - The overall gross margin for H1 2025 was 25.40%, down 3.82 percentage points year-on-year, while the Q2 gross margin was 26.71%, up 2.97 percentage points from Q1 [4]. - The company reported a net cash outflow of 396 million yuan from operating activities in H1 2025, an improvement of 932 million yuan compared to the previous year [4]. Price Adjustment Strategy - In response to industry pressures, the company announced price increases for waterproof products ranging from 3% to 10% starting July 8, 2025, aiming to improve profitability in H2 2025 [5]. - The company anticipates that the recent price adjustments will help stabilize the competitive landscape and enhance profit margins moving forward [5]. Revenue and Profit Forecast - The company projects revenues of 25.436 billion yuan, 26.554 billion yuan, and 27.833 billion yuan for 2025, 2026, and 2027, with expected net profits of 1.227 billion yuan, 1.439 billion yuan, and 1.696 billion yuan, indicating significant growth in net profit by 1033.91% in 2026 [5].

Investment Rating - The report maintains an investment rating of "Buy-A" with a 6-month target price of 13.77 CNY, compared to the current stock price of 12.03 CNY [4]. Core Views - The company reported a revenue of 13.569 billion CNY in the first half of 2025, a year-on-year decrease of 10.84%, and a net profit attributable to shareholders of 564 million CNY, down 40.16% year-on-year. The decline is attributed to market demand downturn and intense price competition [1][2]. - The company is experiencing a continuous optimization of its channel structure, with retail and engineering channels accounting for 84% of total revenue in H1 2025. Retail channel revenue share increased by 1.54 percentage points [2]. - The company is actively responding to industry price competition by raising prices on certain waterproof products, which is expected to improve profitability in the second half of 2025 [8]. Revenue Performance - In H1 2025, the company achieved revenue of 135.69 billion CNY, with a quarterly breakdown showing Q1 and Q2 revenues down 16.71% and 5.64% year-on-year, respectively. The decline in Q2 was less severe compared to Q1 [1]. - Revenue from retail, engineering, and direct sales channels in H1 2025 was 50.59 billion CNY, 63.47 billion CNY, and 20.36 billion CNY, with respective year-on-year growth rates of -6.98%, -5.26%, and -28.01% [2]. Product and Regional Analysis - In H1 2025, revenue from waterproof membranes, coatings, mortar, and engineering construction was 5.513 billion CNY, 3.946 billion CNY, 1.996 billion CNY, and 849 million CNY, with respective growth rates of -8.84%, -17.11%, -6.24%, and -32.34% [3]. - The company achieved overseas revenue of 576 million CNY in H1 2025, representing a year-on-year increase of 42.16%, with ongoing construction of overseas bases and plans to acquire a 100% stake in Chilean building materials supermarket Construmart S.A. [3]. Profitability and Cash Flow - The overall gross margin for H1 2025 was 25.40%, a decrease of 3.82 percentage points year-on-year. The gross margin for Q2 2025 was 26.71%, an increase of 2.97 percentage points from Q1 [4]. - The company reported a net cash outflow from operating activities of 396 million CNY in H1 2025, which was an improvement compared to a net outflow of 932 million CNY in the same period last year [8]. Future Outlook - The company forecasts revenues of 25.436 billion CNY, 26.554 billion CNY, and 27.833 billion CNY for 2025, 2026, and 2027, respectively, with expected net profits of 1.227 billion CNY, 1.439 billion CNY, and 1.696 billion CNY, indicating significant growth in net profit in 2025 [9].

Company Overview - Pacasmayo's cement shipments reached 2.9 million MT as of Jun-25 LTM[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[16] Financial Performance (2Q25) - Sales of goods reached S/ 484.1 million, a 5.9% increase compared to 2Q24[6] - EBITDA was S/ 130.2 million, a 9.0% increase compared to 2Q24[6] - EBITDA margin was 26.9%, a 0.8 percentage point increase compared to 2Q24[6] Market Overview (Peruvian Cement Market) - Pacasmayo has a 22.9% share in the Peruvian Northern Region with 2.898 million MT of cement shipments as of May-25 LTM[10] - UNACEM holds the largest market share at 42.7% with 5.418 million MT of cement shipments[10] - The Central Region's total cement shipments amounted to 6.509 million MT, representing 51.3% of the total regions[10] - The Southern Region's total cement shipments were 2.627 million MT, accounting for 20.7% of the total regions[10] - Total cement shipments across all regions reached 12.682 million MT[10] Customer Profile - Retail customers represent 75% of the customer base[18, 21, 25] - Private sector customers account for 15% of the customer base[18, 21, 25] - Infrastructure customers make up 10% of the customer base[18, 21, 25]