Core Viewpoint - Goldman Sachs reported that Conch Cement (00914) achieved a net profit of 4.6 billion RMB in the first half of the year, representing a year-on-year increase of 33% [1] Financial Performance - Excluding one-time items related to capacity replacement provisions, the recurring net profit reached 5.1 billion RMB, up 32% year-on-year [1] - The performance exceeded expectations, primarily benefiting from improved profit margins in the overseas cement business and better-than-expected results in ready-mixed concrete (RMC) and aggregate businesses [1] Forecast Adjustments - Goldman Sachs lowered its recurring net profit forecast for the current year by 13% to reflect the ongoing low profit margins in the domestic cement market, while maintaining forecasts for the next two years largely unchanged [1] Target Price Changes - The target price for H-shares was raised from 27 HKD to 31 HKD, and the target price for A-shares (600585.SH) was increased from 27 RMB to 32 RMB, with a "Buy" rating maintained [1]