证券研究报告 上峰水泥 (000672 CH) H1 主业发展稳健，加码新业务投资 2025 年 8 月 26 日│中国内地 水泥 公司发布半年报，25H1 实现营收 22.72 亿元（yoy-5.02%），归母净利 2.47 亿元（yoy+44.53%），扣非归母净利 2.82 亿元（yoy+33.47%），处置吉 尔吉斯斯坦 ZETH 水泥公司股权导致债务重组损失 1.2 亿元。其中 Q2 实现 营收 13.21 亿元（yoy-10.94%，qoq+38.87%），归母净利 1.67 亿元 （yoy+6.86%，qoq+108.84%），Q2 盈利延续改善。公司延续改善资产负 债表和现金流，继续聚焦"一主两翼"战略，并已公告 2024-2026 年每年 分红比例不低于 35%且不低于 4 亿元，维持"买入"。 水泥熟料主业稳健，骨料销售量增价跌 公司 25H1 实现水泥及熟料收入 19.7 亿元，同比-4.2%，累计销售水泥熟料 890.7 万吨，同比-4.1%，我们测算吨均价 221 元，同比基本持平；吨毛利 67 元，同比+15 元，主要受益于煤炭跌价及公司精细化管理降本。公司 25H1 实现砂石骨料 ...

近日，中国砂石协会理事单位——东方雨虹砂粉科技集团有限公司（以下简称东方雨虹）全资子公司华砂矿业（吉安）有限公司正式取得江西省永丰县大 船岭矿区饰面用大理岩矿采矿许可证，标志着其去年竞得的探矿权全面转入开采阶段。这一动作不仅为投资10亿元的吉安新材料产业园奠定资源基础，更 透露出东方雨虹通过垂直整合供应链、拓展工业新材料领域的战略方针。 据悉，此次获批的采矿权有效期限长达20年，年生产规模达100万立方米。该矿区的大理石资源将成为东方雨虹砂粉业务的核心原材料，同时为其进军大 理石板材、碳酸钙超细粉体等工业领域提供资源支撑。 这一进展源于2023年11月的战略布局。彼时，东方雨虹砂粉科技集团宣布投资10亿元建设吉安新材料产业园，涵盖矿山开采、白水泥、特种砂浆、建筑涂 料等多元产品线。同期，华砂矿业以1.005亿元竞得该矿探矿权，如今采矿权的落地使产业链上游资源得到实质性锁定。 目前，东方雨虹已形成特种砂浆、钙基粉体、普通砂浆、砂石骨料的全品类矩阵，并通过"民建+工建"双渠道覆盖工程与零售市场。此次获得自有矿山， 将进一步强化其"全产业链"竞争力。首先是，摆脱对外购砂源的依赖，抵御原材料价格波动，让东方雨虹的成本 ...

Overview of Work Stoppage - The company’s wholly-owned subsidiary, Chongqing Guangcheng Building Materials Co., Ltd., and its building materials division hold mining rights for limestone resources in Jiangjia Town, Banan District, Chongqing, primarily engaged in open-pit limestone mining and production of sand and gravel aggregates for the company's concrete production [1] - As of March 9, 2025, the Chongqing section of the Yuxiang High-speed Railway has entered the joint debugging and testing phase, leading to a prohibition on blasting in certain mining areas, which has been complied with, while other mining operations continue normally [1] - The limestone resources have been largely depleted, and the company plans to gradually cease operations based on the actual production conditions of its subsidiaries and initiate pit closure procedures as per regulations [1] Impact on the Company - The high-speed railway has caused the company’s subsidiaries to complete mining operations ahead of schedule, leading to a gradual transition to work stoppage [2] - The company is currently conducting surveys and confirmations of unmined mineral resources and is in discussions with local authorities regarding the future handling of these areas, with final outcomes still under negotiation [2] - The limestone resources are primarily used for the company’s concrete production, and despite the depletion of resources, the company has established a stable procurement system for sand and gravel aggregates, ensuring no significant impact on its main business operations [2] - The current market price for sand and gravel aggregates in Chongqing remains low, and the company’s procurement volume is closely tied to its concrete production, indicating that the impact from the high-speed railway encroachment is not expected to result in significant losses [2] - The company will comply with legal requirements for pit closure, manage employee placements, and fulfill environmental restoration responsibilities to ensure smooth and orderly progress in closure and reclamation work [2]

Summary of Yarlung Tsangpo River Hydropower Project Conference Call Industry and Company Involved - **Industry**: Hydropower Engineering - **Project**: Yarlung Tsangpo River Downstream Hydropower Project Key Points and Arguments 1. **Project Overview**: The Yarlung Tsangpo River Downstream Hydropower Project plans to construct five cascade hydropower stations with a total installed capacity of 70 million kilowatts, including a backup capacity of 81.6 million kilowatts, and an annual power generation of 330 billion kilowatt-hours, expected to start generating power by 2035 [1][2][3] 2. **Environmental Impact**: The project is projected to reduce carbon dioxide emissions by over 300 million tons annually and cut standard coal consumption by 80 million tons, significantly contributing to carbon neutrality goals [1][5] 3. **Economic Contribution**: The project is expected to contribute over 500 billion yuan to Tibet's GDP annually, create over one million jobs, and promote the development of high-end domestic equipment and UHV technology [1][5] 4. **Investment Structure**: Total investment for the project is 1.2 trillion yuan, with each hydropower station costing between 200 billion to 300 billion yuan. Construction contracts account for about 60% of the total investment, while land acquisition and resettlement costs are less than 20% [1][6] 5. **Material Requirements**: The project will require substantial materials, including 54 million tons of low-temperature resistant cement, 4 million tons of steel, and 150 million tons of sand and gravel, along with 100,000 tons of explosives annually [1][4][26] 6. **Technological Challenges**: High-altitude construction leads to reduced equipment efficiency and increased maintenance costs. Key challenges include technology premium, domestic substitution (over 85% localization), and integrated innovation [2][13] 7. **Power Transmission**: The project will utilize ±800 kV UHV DC transmission to deliver power to the Guangdong-Hong Kong-Macao Greater Bay Area, with an expected need for approximately 15 UHV lines [2][8] 8. **Local Consumption vs. Export**: The local consumption to export ratio is approximately 8:2, with future local demand expected to grow due to industries like data centers and electrolytic aluminum [2][9] 9. **Project Timeline**: The construction of the five hydropower stations is staggered, with the first station already under construction and expected to be fully operational by 2033. Other stations are at various stages of planning and preparation [2][10][19] 10. **Economic Viability of Hydropower**: Despite higher construction costs, hydropower offers stable and clean energy, making it a valuable asset for meeting energy demands and achieving carbon neutrality [12][13] Other Important but Possibly Overlooked Content 1. **Innovative Construction Techniques**: The project employs advanced tunneling techniques and smart operation systems, including the use of TBM hard rock tunneling machines and highland shield machines [2][3] 2. **Impact on Local Urbanization**: The project is expected to drive urbanization in the region, potentially making Linzhi the largest city in the highland area with a projected population growth to around 500,000 [6] 3. **Intelligent Inspection Technologies**: The project incorporates intelligent inspection technologies, utilizing robots for various tasks to enhance efficiency and reduce human labor in high-altitude conditions [17][25] 4. **Material Supply Chain**: The supply of essential materials like cement and steel is expected to be steady throughout the project lifecycle, ensuring no significant disruptions [26]

Group 1 - The core viewpoint emphasizes the importance of project construction and the development of advantageous industrial clusters to empower county economic growth [2] - A significant project in the Daluoling mining area has a total planned investment of 3.466 billion, expected to commence production by the end of this year, and aims to transform the traditional small-scale mining model into a more organized and sustainable approach [3] - The project is projected to produce 9.9 million tons of sand and gravel annually, generating an estimated annual output value of around 700 million [3] Group 2 - The "One Park, Three Areas, Two Centers" industrial layout in Tunchang includes a national-level integrated demonstration area and focuses on green low-carbon circular economy, new stone materials, and deep processing of timber [4] - The Tunchang Daitong Industrial Park has been operational since last year, providing environmental equipment manufacturing services to various cities, with plans for a second phase [4] - The wood processing factory in the Fucheng Industrial Park is expected to process nearly 40,000 cubic meters of timber annually, leveraging Hainan's resource advantages [4] Group 3 - Tunchang's business environment has improved significantly, with 38 agencies providing over 1,800 services, including measures for non-face-to-face approvals and simplified processing [5] - The county has implemented a closed-loop management mechanism to transition from passive to proactive service for enterprises, with 35 projects receiving assistance [6] - Innovative service models have been introduced to streamline project approvals, allowing for simultaneous land acquisition and construction commencement, thus accelerating project timelines [6]

Financial Performance - In 2024, the company's total operating revenue was 777 million CNY, a decrease compared to the previous year [2] - In Q1 2025, the operating revenue was 159 million CNY, a year-on-year decline of 19.67% [2] - Sales revenue from large integrated equipment dropped significantly by 88.01%, from 2.57 billion CNY in 2023 to 30.8 million CNY in 2024 [2] - Aggregate orders fell from 498 million CNY in 2023 to 396 million CNY in 2024 [2] Strategic Adjustments - The company is undergoing a structural adjustment in its main business, transitioning from "sand and stone + mining" to "mining + sand and stone" [2][3] - In 2024, new orders from overseas markets reached 128 million CNY, a year-on-year increase of 16.31% [3] - Orders from the metal mining sector amounted to 238 million CNY, reflecting a growth of 21.43% [3] Asset and Liability Management - As of Q1 2025, total assets were 2.164 billion CNY, a 1.09% increase from the beginning of the year [4] - The debt ratio stood at 31.91%, indicating a significant optimization compared to historical data [4] - Current liabilities accounted for 99.04% of total liabilities, with short-term loans at 64 million CNY [4] Cash Flow and Operational Efficiency - The net cash flow from operating activities in 2024 was 47.82 million CNY, a substantial increase of 160.72% from -78.75 million CNY in 2023 [5] - The company has established a liquidity risk management mechanism to ensure cash flow stability [5] - Employee compensation remains stable, reflecting the company's commitment to maintaining normal operations and income for staff [5] Future Outlook - The company aims for a balanced approach between steady growth and accelerated expansion in its strategic planning [5]

Summary of Huabei Mining Conference Call Company Overview - **Company**: Huabei Mining - **Industry**: Coal Mining and Related Products Key Points and Arguments Production and Sales Performance - In Q2, Huabei Mining's production and sales remained stable compared to Q1, with the closure of the Zhuzhuang mine impacting production by approximately 200,000 tons per quarter. It is expected that production will recover by the end of August to offset this impact [2][6] - Geological issues and the replacement of working faces led to a temporary decline in production, but production resumed in mid-May. Increased self-use coal also affected sales [2][6] Cost Management - The company anticipates that this year's costs will be lower than last year, benefiting from intelligent mining, reduced extraction costs, and decreased expenses. However, Q2 costs may rise slightly due to the issuance of salaries for senior management from the previous year [2][7] - The main factors for cost reduction include tunnel construction, material costs, and technological improvements. The resumption of operations at Xingfu Holdings in the second half of the year is expected to significantly lower unit production costs [2][7] Market Dynamics - Domestic sales levels are stable, with a decrease in external sales of thermal coal expected after the completion of a power plant by the end of the year. However, external sales are projected to increase significantly after the Tiaohutu project begins production next year [2][8] - The price of coking coal has decreased, leading to a turnaround for Linhuan Coking in April, achieving a monthly profit of approximately 8-9 million yuan. The current coking coal price is around 1,600-1,700 yuan (including tax) [2][12][14] Ethanol Production - In Q2, ethanol costs fell below 4,800 yuan per ton, with a selling price of about 5,400 yuan per ton. The expected gross profit margin is approximately 600 yuan per ton, with a net profit of around 300 yuan [2][3][15][17] Industry Trends - Coal prices are primarily influenced by supply and demand dynamics. Domestic raw coal production has increased by 3%, but the production of commodity coal and coking coal has declined. The depletion of coking coal resources is occurring faster than expected [2][5][22] - The company expects capital expenditures to remain above 8 billion yuan in 2025, primarily for the Tiaohutu power plant, sand and gravel projects, and intelligent upgrades [2][27] Challenges and Future Outlook - Some mines have reached depths of over 900 meters, presenting operational challenges that require technological improvements and management optimization [2][9][10] - Despite short-term pressures, Huabei Mining has good long-term growth potential, with multiple projects set to gradually contribute and ample resource reserves [2][31] Conclusion - Overall, Huabei Mining is navigating a challenging environment with stable production and sales, effective cost management, and a focus on long-term growth through strategic projects and resource optimization. The company is well-positioned to improve its performance in the coming quarters as market conditions stabilize and projects come online [2][31]