Group 1 - The Guangdong Yunfu Yunan Chongwangling mining project is the largest single green mine in South China, with a total investment of nearly 20 billion yuan [2] - The project has a recoverable resource of 1.257 billion tons and an annual production capacity of 55 million tons, focusing on the extraction of granite and sandstone for construction [2][4] - The processing area at the dock side has a total construction area of 148,000 square meters, featuring a complex system that includes various core production facilities for sand and gravel processing [2] Group 2 - The project consists of three major systems: mining and transportation, sand and gravel factory, and a long rubber corridor measuring 21 kilometers in length [4] - The project aims to enhance the production capacity of high-quality sand and gravel aggregates, providing sustainable resource support for infrastructure construction in the Greater Bay Area [4] - The project utilizes advanced production technology from China Electric Power Construction, incorporating a three-stage crushing and wet-dry fusion production scheme to meet various aggregate requirements [4]

本届博览会展览面积超3000平方米，涵盖室内外展区，设置五大板块：中国建材集团矿山开发全产 业链企业板块、粤港澳大湾区砂石骨料采购对接板块、数字矿山人工智能板块、会员展示板块和非矿综 合展示板块。设有超过100个广告促销展位及多个洽谈区。博览会设立公众开放日，吸引许多从事非矿 行业、对非矿行业感兴趣的人员参观，了解最新行业信息和前沿技术。 8月29日，博览会现场还举办了高端专题论坛，来自行业管理部门、研究单位、高新技术企业等相 关负责人，围绕"新质生产力与非矿产业高质量发展""精益管理助力矿山开发""碳酸钙改性工艺创新"等 热点话题分享前沿观点，为行业发展提供智力支持。（梁菁惠 陈雨晴） 现场还举行了2024年度广西非金属矿工业大奖、科学技术大奖、绿色矿山大奖颁奖仪式。三船（广 东）供应链科技有限公司现场发布了粤港澳大湾区年采购2000万吨砂石骨料的需求信息，引发参展商积 极锁单，交易氛围热烈。 8月28—30日，第三届中国—东盟非金属矿工业博览会在南宁举行。本届博览会以"央地粤桂联动， 促进非矿发展"为主题，全面展示非金属矿产业的最新发展成果，致力于推动行业创新与进步，深化央 地合作，促进广西非金属矿工业绿 ...

Core Insights - The Yunnan Mining Project by China Electric Power Construction Group has achieved a significant milestone with the precise installation of the last steel structure truss of the long-distance belt conveyor corridor after 712 days of hard work [2] - The project, located in Guangdong's Yunfu region, is the largest single green mining project in South China, with a total investment of nearly 20 billion yuan [2] - The project aims to produce high-quality sand and gravel aggregates, meeting national standards for construction materials [4][9] Project Overview - The project consists of three major systems: mining and transportation, sand and gravel production, and a long belt corridor [8] - The total length of the long belt corridor is 21 kilometers, with a tunnel length of 15.5 kilometers [8] - The project has a recoverable resource of 1.257 billion tons and an annual production capacity of 55 million tons [2] Technical Achievements - The project team overcame various technical challenges, including excavation difficulties and water inflow issues, while adhering to strict environmental requirements [8] - A 700-ton large crane was used for the first time to complete the complex steel structure installation, which involved heights of 60.45 meters and spans of up to 42 meters [8] Future Implications - Upon completion, the project will enhance the production capacity of high-quality sand and gravel aggregates, providing sustainable resource support for infrastructure development in the Greater Bay Area [9] - The project will also contribute to the construction of green mines in China [9]

Investment Rating - The report maintains a "Recommended" rating for the company [1][4]. Core Views - The company's main business in building materials shows stable profitability, while investments in new economies add growth momentum [3]. - The company reported a significant improvement in Q1 performance, driven by dual engines of core business and new economic investments [3]. - The company is positioned as a leading player in the cement industry in East China, with advantages in brand, technology, regional layout, and cost control [3][4]. Financial Performance Summary - In H1 2025, the company achieved operating revenue of 2.272 billion yuan, a year-on-year decrease of 5.02%, while net profit attributable to shareholders increased by 44.53% to 247 million yuan [3]. - The sales volume of cement in H1 2025 was 7.0308 million tons, down 3.10% year-on-year, with an average selling price up 0.34% [3]. - The gross profit margin for cement and clinker improved due to a 23% year-on-year decrease in coal prices, with H2 2025 expected to see a gross margin of 31.80%, up 6.38 percentage points year-on-year [3]. - The company’s new economic equity investment business generated investment income of 4.02 million yuan in H1 2025, focusing on the semiconductor and new materials industries [3]. - Operating cash flow for H1 2025 was 476 million yuan, a year-on-year increase of 23.99%, indicating a strong cash flow position [3]. Future Outlook - The company has a five-year development plan (2025-2029) focusing on a business structure of "one main and two wings," which includes cement and building materials as the main business, and extending the industrial chain and new economic equity investments as the two wings [3]. - The company expects steady growth in performance, with projected net profits for 2025-2027 at 700.65 million, 790.57 million, and 876.95 million yuan respectively, with corresponding earnings per share of 0.72, 0.82, and 0.90 yuan [5][7].

Core Viewpoint - The company reported a mixed performance in the first half of the year, with a decline in revenue but significant growth in net profit and cash flow, indicating resilience in its operations despite market challenges [1][2]. Financial Performance - The company achieved total revenue of 2.272 billion yuan, a year-on-year decrease of 5.02% [1] - The net profit attributable to shareholders was 247 million yuan, an increase of 44.53% year-on-year [1] - The net profit after deducting non-recurring items was 282 million yuan, up 33.47% year-on-year [1] - The net cash flow from operating activities was 476 million yuan, reflecting a growth of 23.99% year-on-year [1] Sales and Product Performance - Sales of the main products, cement and clinker, saw slight declines, with clinker external sales at 1.8761 million tons, down 8.14% year-on-year, and cement sales at 7.0308 million tons, down 3.10% year-on-year [1] - Average selling prices for main products increased, with clinker prices up 7.69% and cement prices up 0.34% year-on-year [1] - The company sold 5.1906 million tons of sand and gravel aggregates, a year-on-year increase of 37.46% [1] - The company processed 7.85 thousand tons of hazardous waste and achieved revenue of 51.0192 million yuan from waste disposal [1] - Solar power generation reached 14.1637 million kWh, a 92.1% increase year-on-year, while energy storage discharge was 1.2757 million kWh, up 182% [1] Industry Outlook - The cement industry is stabilizing after years of competition, with a recovery in market conditions expected due to capacity replacement and the implementation of "dual carbon" policies [2] - The Ministry of Industry and Information Technology plans to release a growth stabilization plan for key industries, including cement, which will promote structural adjustments and the elimination of outdated capacity [2] - The company is optimistic about future market trends, despite some regional price declines, as certain areas are showing improvement [2] Operational Strategy - The company's operational strategy focuses on increasing revenue, reducing costs, controlling expenses, and enhancing efficiency through refined management and technological innovation [3] - The comprehensive energy consumption has decreased to below 100 kg of standard coal per ton, and the company has maintained a cost competitiveness and gross margin at an industry-leading level [3] - The company anticipates improved supply-demand dynamics as the traditional peak season approaches in September and the fourth quarter [3]

Group 1: Business Performance Overview - In the first half of 2025, the company's cement and clinker sales slightly decreased, with clinker sales at 1.8761 million tons (down 8.14%) and cement sales at 7.0308 million tons (down 3.10%) [4] - The average selling price for clinker increased by 7.69%, while the average selling price for cement rose by 0.34% [4] - Aggregate sales reached 5.1906 million tons, marking a 37.46% year-on-year increase [4] Group 2: Cost Management and Profitability - The company's overall gross profit margin was 31.80%, up by 6.38 percentage points year-on-year [4] - The cost of clinker decreased by 25 RMB per ton, with approximately 19 RMB attributed to falling coal prices [6] - The company aims to reduce controllable costs further, targeting a decrease of 5.0 RMB/ton for clinker and 3.0 RMB/ton for cement in 2025 [6] Group 3: Regional Performance - In the Northwest region, cement sales were 1.5839 million tons, contributing 5.06 billion RMB to total revenue (22.29% of total revenue), with a year-on-year growth of 14.16% [4] - The gross profit margin in the Northwest region was 43.6%, compared to 31.65% in East China and 14.51% in Southwest China [4] Group 4: Investment and Future Outlook - The company has made new equity investments in projects such as New Sharp Photomask and Fangjing Technology, contributing to steady growth in the new economy investment sector [4] - The company plans to maintain a cash dividend of at least 35% of net profit for the years 2024-2026, with a minimum cash dividend of 400 million RMB annually [10] - The company is optimistic about the future market trends, expecting improvements in supply-demand relationships as the traditional peak season approaches [12]

Core Viewpoint - The company reported a significant decline in revenue and an increase in losses for the six months ending June 30, 2025, indicating challenging market conditions and pricing pressures in its core products [1] Financial Performance - Revenue for the reporting period was approximately RMB 273 million, representing a year-on-year decrease of about 15.6% [1] - The company recorded a loss attributable to equity holders of approximately RMB 75.6 million, compared to a loss of approximately RMB 50.6 million in the same period last year [1] - Basic loss per share attributable to equity holders was RMB 0.05, compared to RMB 0.03 in the previous year [1] - The board of directors did not recommend any interim dividend for the reporting period [1] Sales Performance - The decline in revenue was primarily due to lower sales prices of iron concentrate and sand and gravel aggregates, despite an increase in the sales volume of sand and gravel products compared to the same period last year [1]

Core Viewpoint - Gansu Shangfeng Cement Co., Ltd. reported a slight decline in revenue but significant growth in net profit for the first half of 2023, indicating effective cost control and operational efficiency in a challenging market environment [1][2]. Financial Performance - The company achieved operating revenue of 2.272 billion yuan, a year-on-year decrease of 5.02% [1]. - Net profit attributable to shareholders was 247 million yuan, reflecting a year-on-year increase of 44.53% [1]. - The net profit excluding non-recurring gains and losses was 282 million yuan, up 33.47% year-on-year [1]. - The net cash flow from operating activities reached 476 million yuan, an increase of 23.99% year-on-year [1]. - The comprehensive gross profit margin was 31.80%, up 6.38 percentage points year-on-year, maintaining a competitive position in the industry [1]. Cost Control and Operational Efficiency - The company focused on "increasing revenue, reducing costs, controlling expenses, and enhancing efficiency," leading to improved cost competitiveness [1]. - Manageable expenses decreased by 8.87 million yuan year-on-year [1]. Business Expansion and New Ventures - Shangfeng Cement has gradually expanded into related industries such as sand and gravel aggregates, environmental disposal, smart logistics, and photovoltaic energy storage while focusing on its core cement business [1][2]. - In the first half of the year, the company sold 5.1906 million tons of sand and gravel aggregates, a year-on-year increase of 37.46% [2]. - The company processed 7.85 million tons of hazardous and solid waste, generating revenue of 51.0192 million yuan [2]. - In the renewable energy sector, photovoltaic power generation reached 14.1637 million kWh, a 92.1% increase year-on-year, while energy storage discharge was 1.2757 million kWh, up 182% [2]. Strategic Outlook - The dual-driven model of "building materials + new economy" is showing collaborative effects and growth potential [3]. - The company is cautiously investing in emerging fields such as new materials and semiconductors, with several projects in the listing application and guidance stages [3]. - The cement industry is currently in a critical phase driven by policy and market forces, with measures in place to control new capacity and optimize existing capacity [3]. - Seasonal demand is expected to weaken in the third quarter but may balance out as the traditional peak season approaches in September and the fourth quarter [3].

Core Viewpoint - The company reported a significant increase in net profit and operational efficiency despite a decline in revenue due to a downturn in the national cement market [1][2]. Group 1: Financial Performance - The company achieved a net profit attributable to shareholders of 247 million yuan, a year-on-year increase of 44.53% [1]. - The net profit excluding non-recurring gains and losses was 282 million yuan, up 33.47% year-on-year [1]. - The net cash flow from operating activities reached 476 million yuan, reflecting a year-on-year growth of 23.99% [1]. - The comprehensive gross profit margin for the company's operations was 31.80%, an increase of 6.38 percentage points year-on-year, maintaining an industry-leading position [1]. Group 2: Cost Management and Operational Efficiency - The company continued to deepen cost reduction and efficiency enhancement, with the unit cost of main products decreasing by 14.97 yuan per ton [2]. - Controllable costs fell by 6.11 yuan per ton, with increased revenue contributions from the Xinjiang and Ningxia bases [2]. - The sales volume of sand and gravel aggregates grew by 37.46% year-on-year [2]. Group 3: New Business Developments - The company’s environmental business processed 88,800 tons of hazardous waste, generating revenue of 51.02 million yuan [2]. - In the renewable energy sector, photovoltaic power generation reached 14.16 million kWh, a year-on-year increase of 92.1%, with energy storage discharge growing by 182% [2]. - The company has initiated three new heavy-duty charging stations, achieving initial system integration of "light, storage, charging, and carbon" [2]. Group 4: Investment Activities - The company made new equity investments in projects such as Guangzhou New Sharp Photomask and Hefei Fangjing Technology, focusing on semiconductor materials [2]. - The company has accumulated a rich ecosystem in semiconductor-related materials over more than six years of investment, laying the foundation for the development of new business lines [2]. - Several investment projects have begun the process of going public, including Anhui Jinghe, which has been listed, and others that have received acceptance for listing on the Science and Technology Innovation Board and Hong Kong Stock Exchange [2]. Group 5: Corporate Governance and ESG Performance - The company actively supported the recommendation mechanism for independent directors by minority shareholders, becoming the first non-public enterprise listed company to respond to this reform [3]. - The company was rated A-level in the "2025 China Cement Enterprise ESG Ranking," placing it among the top ten for its performance in environmental, social, and governance aspects [3]. - Various subsidiaries received honors such as "Top 30 Local Enterprises," "Top 30 Local Taxpayers," "Green Factory," and "Provincial Green Mine" during the reporting period [3].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 11.24 [6][8]. Core Views - The company reported a revenue of RMB 2.272 billion for H1 2025, a year-on-year decrease of 5.02%, while the net profit attributable to shareholders was RMB 247 million, an increase of 44.53% year-on-year [1]. - The company continues to focus on its "one main two wings" strategy and has announced a dividend payout ratio of no less than 35% and at least RMB 400 million for each year from 2024 to 2026 [1][5]. - The company is actively seeking new growth avenues through equity investments in new economy sectors, with a total investment exceeding RMB 1.7 billion in 25 quality projects [4]. Financial Performance - In H1 2025, the company achieved cement and clinker revenue of RMB 1.97 billion, down 4.2% year-on-year, with a total sales volume of 8.907 million tons, also down 4.1% year-on-year [2]. - The gross profit per ton for cement increased by RMB 15 to RMB 67, benefiting from lower coal prices and cost management [2]. - The company reported a net cash inflow from operating activities of RMB 480 million, an increase of RMB 90 million year-on-year, and held cash and cash equivalents of RMB 2.17 billion at the end of H1 2025 [3]. Future Outlook - The company expects to see a rebound in cement prices in H2 2025 due to increased production management and capacity governance in the industry [2]. - The long-term profit forecast for the company is set at RMB 740 million, RMB 790 million, and RMB 850 million for the years 2025, 2026, and 2027 respectively [5][10]. - The company aims to maintain a clear development path and has adjusted its target price based on a P/B ratio of 1.2x for 2025 [5].