截至9月30日，万年青股东户数4.68万，较上期增加12.80%；人均流通股17053股，较上期减少11.35%。 2025年1月-9月，万年青实现营业收入33.28亿元，同比减少17.18%；归母净利润748.55万元，同比增长 7.27%。 分红方面，万年青A股上市后累计派现35.84亿元。近三年，累计派现3.93亿元。 11月21日，万年青盘中下跌2.10%，截至10:08，报5.59元/股，成交1026.34万元，换手率0.23%，总市值 44.58亿元。 资金流向方面，主力资金净流出22.30万元，大单买入20.32万元，占比1.98%，卖出42.62万元，占比 4.15%。 万年青今年以来股价涨14.86%，近5个交易日跌4.77%，近20日跌6.83%，近60日跌8.96%。 资料显示，江西万年青水泥股份有限公司位于江西省南昌市高新技术开发区京东大道399号万年青科技 园，成立日期1997年9月5日，上市日期1997年9月23日，公司主营业务涉及水泥、熟料、商砼、骨料及 新型墙材的生产及销售。主营业务收入构成为：水泥68.35%，混凝土22.71%，骨料5.43%，其他 2.25%，贸易1.17 ...

Core Viewpoint - Tianshan Co., Ltd. has experienced a decline in stock price recently, with a year-to-date increase of only 2.12% and a significant drop of 10.53% over the past 20 days [2][3]. Group 1: Stock Performance - As of November 19, Tianshan's stock price was 5.78 CNY per share, with a market capitalization of 41.099 billion CNY [1]. - The stock has seen a net outflow of 17.2575 million CNY in principal funds, with large orders showing a buy of 12.1992 million CNY and a sell of 15.0601 million CNY [1]. - Year-to-date, the stock has been on the leaderboard once, with a net buy of -295 million CNY on July 23 [2]. Group 2: Financial Performance - For the period from January to September 2025, Tianshan reported a revenue of 54.938 billion CNY, a year-on-year decrease of 10.61%, while the net profit attributable to shareholders was -1.181 billion CNY, an increase of 68.50% year-on-year [3]. - The company has distributed a total of 8.718 billion CNY in dividends since its A-share listing, with 3.327 billion CNY distributed in the last three years [4]. Group 3: Shareholder Information - As of September 30, 2025, Tianshan had 103,500 shareholders, an increase of 32.95%, with an average of 68,681 circulating shares per shareholder, a decrease of 24.78% [3]. - The fifth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 38.2177 million shares, an increase of 10.3299 million shares from the previous period [4]. Group 4: Business Overview - Tianshan Co., Ltd. is primarily engaged in the production and sale of cement, clinker, ready-mixed concrete, and aggregates, with revenue composition being 63.16% from cement and clinker, 28.24% from ready-mixed concrete, 5.55% from aggregates, and 3.05% from other sources [2]. - The company is classified under the building materials industry, specifically in cement manufacturing [2].

11月19日，万年青盘中下跌2.08%，截至13:44，报5.65元/股，成交2400.55万元，换手率0.53%，总市值 45.05亿元。 资金流向方面，主力资金净流出329.47万元，特大单买入0.00元，占比0.00%，卖出126.16万元，占比 5.26%；大单买入294.68万元，占比12.28%，卖出497.99万元，占比20.74%。 万年青今年以来股价涨16.09%，近5个交易日跌3.09%，近20日跌6.61%，近60日跌6.77%。 资料显示，江西万年青水泥股份有限公司位于江西省南昌市高新技术开发区京东大道399号万年青科技 园，成立日期1997年9月5日，上市日期1997年9月23日，公司主营业务涉及水泥、熟料、商砼、骨料及 新型墙材的生产及销售。主营业务收入构成为：水泥68.35%，混凝土22.71%，骨料5.43%，其他 2.25%，贸易1.17%，熟料0.09%。 万年青所属申万行业为：建筑材料-水泥-水泥制造。所属概念板块包括：创投、融资融券、水泥、长期 破净、破净股等。 截至9月30日，万年青股东户数4.68万，较上期增加12.80%；人均流通股17053股，较上期减少11.3 ...

华润建材科技(01313)午前跌近3%，截至发稿，跌2.31%，报1.69港元，成交额732.64万港元。 消息面上，近期华润建材科技发布2025年三季度业绩，长江证券表示，从公司层面上看，华润建材科技 2025年前3季度水泥和熟料合计销量3943万吨，同比下降10%，水泥销量降幅大于行业，体现出公司积 极维护市场价格体系的自律担当;价格232元/吨，同比下降6元/吨。财务层面上看，前三季度公司综合毛 利率为16.9%，较2024年同期的15.2%增加1.7个百分点。毛利率增加主要由于水泥产品销售成本较2024 年同期下降所致，但部分被骨料及其他分部的毛利率下降所抵消。 长江证券认为，就目前反内卷来看，水泥行业更多是围绕超产治理进行布局，有望出清一部分产能;更 重要在于，若严格按照备案产能生产，有望对生产秩序进行一定优化，真实产能利用率或一定改善。对 于过往产能利用率偏高的广东区域，边际供需改善带来的价格弹性值得期待。 ...

Core Viewpoint - The company reported a revenue of 15.1 billion, a year-on-year decrease of 4.5%, while net profit reached 330 million, a year-on-year increase of 7.3%. However, the estimated net profit for Q3 2025 is 24 million, down 83% from 143 million in the same period last year [1][2]. Industry Overview - The cement industry is expected to face continued pressure in 2025, with national cement production in the first three quarters of 2025 at 1.259 billion tons, a year-on-year decrease of 5.2%. In September alone, production was 154 million tons, down 8.6% year-on-year [1]. - In the Guangdong and Guangxi markets, cement production growth rates for the first three quarters were -2.3% and -1.8%, respectively, which is better than the national average [1]. Company Performance - For the first three quarters of 2025, the company's total cement and clinker sales were 39.43 million tons, a year-on-year decrease of 10%, indicating a decline greater than the industry average. The average price was 232 yuan per ton, down 6 yuan year-on-year [1]. - Concrete sales increased by 26% to 10.46 million cubic meters, with an average price of 296 yuan per cubic meter, down 38 yuan year-on-year [1]. - Aggregate sales reached 58.59 million tons, a year-on-year increase of 27%, with an average price of 34.7 yuan per ton, down approximately 2 yuan year-on-year [1]. Financial Metrics - The company's overall gross margin for the first three quarters of 2025 was 16.9%, an increase of 1.7 percentage points from 15.2% in the same period of 2024. This increase was primarily due to a decrease in the cost of cement product sales compared to 2024, although it was partially offset by a decline in gross margins for aggregates and other segments [2]. - The gross margins for cement products, concrete, and aggregates were 17.1%, 14.7%, and 25.4%, respectively, compared to 12.6%, 12.4%, and 38.6% in 2024 [2]. - Operating expenses, particularly management fees, have increased overall [2]. Future Outlook - The company anticipates that supply-side governance will provide price recovery elasticity. The cement industry is focusing on overproduction governance, which may lead to the elimination of some production capacity. Strict adherence to approved production capacity could optimize production order and improve actual capacity utilization [2]. - For 2025-2026, the expected net profits are 510 million and 830 million, corresponding to price-to-earnings ratios of 21 and 13 times, respectively, with a buy rating [2].

Core Insights - The company reported a revenue of 133.4 billion, a year-on-year decrease of 1%, while net profit attributable to shareholders improved significantly to 2.96 billion from a loss of 0.68 billion in the same period last year [1] Cement Sector - Tianshan shares experienced a slight reduction in losses in Q3 2025, with a sales volume of 144.1 million tons, down 12.8% year-on-year, indicating a greater decline than the industry average [2] - The company's Q3 revenue was 18.96 billion, a year-on-year decrease of 12.9%, while net profit was -0.26 billion, a year-on-year increase of 22.6% [2] Engineering Sector - China National Materials International's Q3 2025 performance remained stable year-on-year, with a revenue of 32.998 billion, a 3.99% increase, and a net profit of 2.074 billion, a 0.68% increase [3] - The Q3 revenue was 11.322 billion, a year-on-year increase of 4.48%, while net profit decreased by 1.18% to 0.653 billion [3] New Materials Sector - China National Materials Technology reported a net profit of 0.48 billion in Q3 2025, a year-on-year increase of 235% [3] - The main business faced challenges due to credit impairment losses in blade business and a temporary decline in fiberglass prices, although prices began to rise in September [3] Gypsum Board Sector - BNBM's gypsum board business faced short-term pressure, with a revenue decline of 2.25% year-on-year for the first three quarters, and a Q3 revenue drop of 6.20% [4] - The company expects revenue growth in waterproof and paint businesses due to its state-owned enterprise background and resource advantages [4] - Q3 net profit was 0.657 billion, a year-on-year decline of 29.47% [4]

（编辑 王雪儿） 证券日报网讯 四川双马11月12日在互动平台回答投资者提问时表示，公司建材生产基地位于四川省宜 宾市，拥有水泥生产线和骨料生产线各两条，年产能分别达200万吨水泥、500万吨骨料，供应能力充 足。引大济岷工程建设与运营过程中释放的业务需求，与公司建材业务具备高度契合性，随着工程推 进，公司有望在对应业务板块分享市场红利。 ...

Group 1 - The core point of the article highlights the decline in the stock price of Huaxin Cement, which fell by 5.05% to 22.96 CNY per share, with a trading volume of 273 million CNY and a turnover rate of 0.87%, resulting in a total market capitalization of 47.734 billion CNY [1] - Huaxin Cement Group Co., Ltd. is primarily engaged in the manufacturing and sales of cement, with its main business revenue composition being: cement sales at 54.56%, concrete sales at 21.54%, aggregate sales at 17.22%, other sales at 4.21%, and clinker sales at 2.47% [1] - The company was established on November 30, 1993, and was listed on January 3, 1994, with its headquarters located in Wuhan, Hubei Province [1] Group 2 - From the perspective of fund holdings, only one fund under Western Lide has a significant position in Huaxin Cement, specifically the Western Lide Value Return Mixed A fund, which held 28,100 shares, accounting for 1.01% of the fund's net value, ranking as the fifth-largest holding [2] - The Western Lide Value Return Mixed A fund has a total scale of 4.27 million CNY and has achieved a return of 25.32% this year, ranking 3589 out of 8147 in its category [2] - The fund manager, Chen Yuanhua, has been in position for 4 years and 72 days, with the fund's total asset scale at 51.7165 million CNY, achieving a best return of 44.52% and a worst return of -12.67% during his tenure [3]

丨证券研究报告丨 [Table_Summary] 公司披露 3 季报：实现收入 151 亿，同比下降 4.5%；净利润 3.3 亿，同比增长 7.3%。测算 25Q3 公司归属净利润 0.24 亿，同期为 1.43 亿；同比下降 83%。 分析师及联系人 [Table_Author] 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 SFC：BVZ972 [Table_scodeMsg1] 港股研究丨公司点评丨华润建材科技（01313.HK） [Table_Title] 基本面承压，叠加管理费用增加，盈利下滑 报告要点 请阅读最后评级说明和重要声明 %% %% 就公司层面来看：1、公司 2025 年前 3 季度水泥和熟料合计销量 3943 万吨，同比下降 10%，水泥销量降幅大于行业，体现出公司积极维护市场价格体系的自律担当；价格 232 元/吨，同比下降 6 元/吨；2、混凝土销量 1046 万方，同比增长 26%；价格 296 元/方， 同比下降 38 元/方；3、骨料销量 5859 万吨，同比增长 27%；价格 34.7 元/吨，同比下 降约 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8][9]. Core Views - The company reported a revenue of 133.4 billion, a year-on-year decrease of 1%, while the attributable net profit was 2.96 billion, showing significant improvement compared to a loss of 0.68 billion in the same period last year. The estimated attributable net profit for Q3 2025 is 1.6 billion, up 20% from 1.33 billion in the same period last year [2][4]. Segment Summaries 1. **Cement Segment**: The company experienced a slight reduction in losses in Q3 2025. The national cement production for the first three quarters of 2025 was 1.259 billion tons, down 5.2% year-on-year. The company’s sales of cement and clinker were 144.1 million tons, a decrease of 12.8% year-on-year, indicating a more significant decline than the industry average. The single-quarter revenue for Q3 2025 was 18.96 billion, down 12.9% year-on-year, with a net profit of -0.26 billion, an increase of 22.6% year-on-year [5][6]. 2. **Engineering Segment**: The engineering business showed stable growth, with a total revenue of 32.998 billion for the first three quarters of 2025, up 3.99% year-on-year. The Q3 2025 single-quarter revenue was 11.322 billion, a year-on-year increase of 4.48%, while the net profit was 0.653 billion, down 1.18% year-on-year [6]. 3. **New Materials Segment**: The new materials segment reported a net profit of 0.48 billion in Q3 2025, a year-on-year increase of 235%. The main business saw some marginal changes, with a decrease in prices for fiberglass yarn. However, there was an improvement in the AI electronic cloth business due to increased demand and better yield rates, resulting in a net profit margin of approximately 5.7%, up 3.5 percentage points year-on-year [6][7]. 4. **North New Materials**: The gypsum board business faced short-term pressure, with a revenue decline of 2.25% year-on-year for the first three quarters of 2025, and a 6.20% decline in Q3. Despite this, the waterproof business is expected to maintain growth due to the company's strong background and funding advantages [7].