华新水泥:2024年报净利润24.16亿 同比下降12.53% | 名称 | 持有数量(万股) | 占总股 本比例 | 增减情 况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 香港中央结算(代理人)有限公司 | 73471.99 | 35.34 | 不变 | | HOLCHIN B.V. | 45133.32 | 21.71 | 不变 | | 华新集团有限公司 | 33806.07 | 16.26 | 不变 | | 香港中央结算有限公司 | 5503.40 | 2.65 | 2250.47 | | 工银瑞信基金-中国人寿（601628）保险股份有限公司-分红险-工 银瑞信基金国寿股份均衡股票型组合单一资产管理计划(可供出售) | 1645.86 | 0.79 | 398.12 | | 全国社保基金四一三组合 | 1578.00 | 0.76 | 不变 | | 工银瑞信基金-中国人寿保险股份有限公司-传统险-工银瑞信国寿 | | | 新进 | | 股份均衡股票传统可供出售单一资产管理计划 | 1485.85 | 0.71 | | | 工银创新动力（30015 ...

董事会议事规则 第 1 条 宗旨 为了进一步规范本公司董事会的议事方式和决策程序，促使董事和董事会有效地履行其 职责，提高董事会规范运作和科学决策水平，根据《中华人民共和国公司法》、《中华人民共 和国证券法》、《上市公司治理准则》、《上海证券交易所股票上市规则》和公司章程等有关规 定，制订本规则。 华新水泥股份有限公司 第 2 条 董事会组成 董事会至少由九名董事组成，设董事长一人，副董事长一人。董事会成员中至少包括三 分之一独立董事，独立董事中至少包括一名会计专业人士。 第 3 条 董事会职权 董事会行使下列职权： （八）在股东会授权范围内，决定公司对外投资、收购出售资产、资产抵押、对外担保 事项、委托理财、关联交易、对外捐赠等事项； －－1 （一）召集股东会，并向股东会报告工作； （二）执行股东会的决议； （三）决定公司的经营计划和投资方案； （四）制订公司的年度财务预算方案、决算方案； （五）制订公司的利润分配方案和弥补亏损方案； （六）制订公司增加或者减少注册资本、发行债券或其他证券及上市方案； （七）拟订公司重大收购、收购本公司股票或者合并、分立、解散及变更公司形式的方 案； （九）决定公司内部管理 ...

华新水泥股份有限公司 股东会议事规则 第一章 总则 第 1 条 为规范公司行为，保证股东会依法行使职权，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》和公司章程的规定，制定本规则。 第 2 条 公司应当严格按照法律、行政法规、《上市公司股东大会规则》及公司章程的 相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当勤勉尽责， 确保股东会正常召开和依法行使职权。 第 3 条 股东会应当在《公司法》和公司章程规定的范围内行使职权。 第 4 条 股东会是公司的权力机构，依法行使下列职权： (一)决定公司的经营方针和投资计划； (二)选举和更换非由职工代表担任的董事、监事，决定有关董事、监事的报酬事项； (三)审议批准董事会的报告； (四)审议批准监事会报告； (五)审议批准公司的年度财务预算方案、决算方案； (六)审议批准公司的利润分配方案和弥补亏损方案； (七)对公司增加或者减少注册资本作出决议； (十二)审议批准公司章程第 55 67 条规定的担保事项； (十三)审议公司在一年内购买、出售重大资产超过公司最近一期经审计 ...

第 1 条 宗旨 为进一步规范本公司监事会的议事方式和表决程序，促使监事和监事会有效地履行监督 职责，完善公司法人治理结构，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司治理准则》、《上海证券交易所股票上市规则》和公司章程等有关规定，制订本规 则。 监事会议事规则 第 2 条 监事会组成 监事会由五名监事组成，监事会设主席一人。 华新水泥股份有限公司 （三）对董事、高级管理人员执行公司职务的行为进行监督，对违反法律、行政法规、 公司章程或者股东会决议的董事、高级管理人员提出解任的建议； （四）当董事、高级管理人员的行为侵害公司的合法权利时，要求董事、高级管理人员 予以纠正； （五）提议召开临时股东会，在董事会不履行《公司法》规定的召集和主持股东会职责 时召集和主持股东会； （六）核对董事会拟提交股东会的财务报告、营业报告和利润分配方案等财务资料，发 现疑问的，可以公司名义委托注册会计师、执业审计师帮助复审； （七）向股东会提出提案； （八）依照《公司法》的规定，对董事、高级管理人员提起诉讼； 1 －－ 监事会应当包括股东代表和适当比例的公司职工代表，其中职工代表的比例不低于三分 之一。监 ...

华新水泥股份有限公司 章 程 1 | 第一章 总 则 3 | | --- | | 第二章 经营宗旨和范围 5 | | 第三章 股 份 6 | | 第一节 股份发行 6 | | 第二节 股份增减和回购 7 | | 第三节 股份转让 8 | | 第四章 股票和股东名册 10 | | 第五章 股东和股东会 12 | | 第一节 股东 12 | | 第二节 股东会的一般规定 15 | | 第三节 股东会的召集 17 | | 第四节 股东会的提案与通知 18 | | 第五节 股东会的召开 20 | | 第六节 股东会的表决和决议 24 | | 第六章 类别股东表决的特别程序 29 | | 第七章 董事会 31 | | 第一节 董 事 31 | | 第二节 董事会 33 | | 第八章 经理及其他高级管理人员 38 | | 第九章 监事会 40 | | 第一节 监 事 40 | | 第二节 监事会 40 | | 第十章 公司董事、监事、经理和其他高级管理人员的义务 43 | | 第十一章 财务会计制度、利润分配和审计 45 | | 第一节 财务会计制度 45 | | 第二节 内部审计 47 | | 第三节 会计师事务所的 ...

致：华新水泥股份有限公司 华新水泥股份有限公司股东会法律意见书 湖北松之盛律师事务所 关于华新水泥股份有限公司 2025 年第一次临时股东会 法律意见书 公司本次股东会现场会议于 2025 年 3 月 19 日如期召开，会议召 开的实际时间、地点和内容与公告一致。 公司本次股东会采用上海证券交易所股东大会网络投票系统，通 过交易系统投票平台的投票时间为 2025 年 3 月 19 日 9:15-9:25， 9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为 2025 年 3 月 19 日 9:15-15:00。 经验证，本次股东会的召集、召开程序符合法律、行政法规、《股 东大会规则》和《公司章程》的规定。 二、关于本次股东会出席会议人员、召集人的资格 （一）出席本次股东会的股东 湖北松之盛律师事务所（以下简称"本所"）接受华新水泥股份 有限公司（以下简称"公司"）的委托，指派我们出席公司 2025 年 第一次临时股东会（以下统称"本次股东会"），并就本次股东会的 召集、召开程序的合法性、出席会议人员资格、召集人资格以及表决 程序和表决结果的合法有效性出具法律意见。 为出具本法律意见书 ...

重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | | 596 | | --- | --- | --- | | 其中：A 股股东人数 | | 595 | | 境外上市外资股股东人数（H 股） | | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,361,576,026 | | | 其中：A 股股东持有股份总数 | | 911,718,043 | | 境外上市外资股股东持有股份总数（H 股） | | 449,857,983 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | | 份总数的比例（%） | | 65.4920 | 证券代码：600801 证券简称：华新水泥 公告编号：2025-005 华新水泥股份有限公司 2025 年第一次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (一) 股东大会召开的时间：2025 年 3 月 19 日 (二) 股东大会召开的地点：湖北省武汉市东湖新技术开发区高新大道 4 ...

Summary of Huanxin Cement Conference Call Industry Overview - The cement market in 2025 is expected to perform relatively well, with a gradual price increase anticipated due to several key factors [3][4][6] - The supply-demand balance in the cement industry is stabilizing, influenced by production control and varying recovery rates between northern and southern regions [4][5][6] Key Points Market Dynamics - The cement market is experiencing a controlled supply with delayed kiln openings, particularly in the southern market, which is gradually recovering but overall demand has not exceeded expectations [4][5] - Factors affecting cement demand include municipal infrastructure, real estate, and new rural construction, with a need to monitor funding availability and policy rhythms [4][6] Supply-Side Trends - There is a noticeable trend of later kiln openings compared to previous years, with significant production halts in January and February 2025 [7][8] - Major state-owned enterprises are focusing on supply control to avoid price wars and significant losses, leading to a reduction in effective market supply [8][9] Profitability and Strategy Adjustments - The industry's profit-seeking behavior is driving companies to adjust strategies, emphasizing production control to maintain profit levels after experiencing substantial losses in previous years [8][9] - The cement industry is expected to see a more stable market in 2025, with price stability being a key focus due to the lessons learned from past price wars [9][10] Huanxin Cement's Position - Huanxin Cement has a strong overseas business presence, with investments in 21 countries and a total capacity of 50 million tons, of which 35 million tons are overseas [4][11] - The company is focusing on low-carbon initiatives, having published a low-carbon white paper and entered the European low-carbon supply chain, positioning itself for future opportunities in carbon trading [15][16] Domestic Market Performance - Domestically, Huanxin Cement's operations are concentrated in Hunan, Hubei, and Yunnan, with Hubei being a significant base contributing to revenue [13][14] - The company has seen price increases earlier than expected in 2025, positively impacting its performance, with integrated business operations, particularly in aggregates, contributing significantly to profits [13][14] Investment Recommendation - Huanxin Cement is recommended for investment due to its strong growth potential in overseas markets, cost advantages in integrated operations, solid domestic foundation, and leadership in low-carbon initiatives [16]

Investment Rating - The report gives a "Buy" rating for the company with a target price of 15.51 RMB based on a 13x valuation for 2025 [3]. Core Viewpoints - The company is well-positioned for growth in overseas markets, particularly in Africa, South America, and the Middle East, benefiting from its early entry and flexible decision-making [2][3]. - The company has diversified its business structure, with concrete and aggregate contributing nearly 50% to gross profit, and has made significant strides in low-carbon initiatives [3][11]. - The company’s revenue is expected to grow steadily, with projected revenues of 343.96 billion RMB, 384.64 billion RMB, and 422.68 billion RMB for 2024-2026, reflecting growth rates of 2%, 12%, and 10% respectively [3][6]. Summary by Sections Company Overview - Founded in 1907, the company specializes in cement, aggregates, and concrete, with a strong domestic presence in Hubei and Hunan provinces and international operations in Africa and the Middle East [1][11]. - In the first three quarters of 2024, the company achieved revenues of 24.719 billion RMB, a year-on-year increase of 2.3%, while net profit attributable to shareholders was 1.138 billion RMB, a decrease of 39.3% [1]. Overseas Expansion - The company has established a significant overseas presence, with a cement grinding capacity of 22.54 million tons and a clinker capacity of 15.44 million tons as of 2024H1, aiming for a total capacity of 50 million tons in the medium to long term [2][30]. - The company is actively acquiring quality assets in Nigeria and Brazil, with Nigeria being a key market due to its high economic potential and favorable market structure [2][33]. Domestic Market - The company has strengthened its domestic market position, with concrete and aggregate contributing nearly 50% to gross profit, and has been proactive in low-carbon development since 2021 [3][11]. - Despite a downward trend in domestic cement demand, the company has managed to maintain revenue growth through diversification and international expansion [3][18]. Financial Projections - The company’s revenue projections for 2024-2026 are 343.96 billion RMB, 384.64 billion RMB, and 422.68 billion RMB, with corresponding net profits of 21.01 billion RMB, 24.80 billion RMB, and 31.17 billion RMB [3][6]. - The report anticipates a decline in net profit for 2024, followed by a recovery in subsequent years, with growth rates of -24%, 18%, and 26% for net profit from 2024 to 2026 [3][6].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 15.51 RMB based on a 13x valuation for 2025 [3]. Core Views - The company is well-positioned for growth in overseas markets, particularly in Africa, South America, and the Middle East, benefiting from its early entry and flexible decision-making [2][3]. - The domestic market is also strong, with a significant contribution from integrated operations, and the company is leading in low-carbon initiatives [3]. Summary by Sections Company Overview - Founded in 1907, the company specializes in cement, aggregates, and concrete, with a strong domestic presence in Hubei and Hunan provinces and international operations in Africa and the Middle East. In the first three quarters of 2024, the company achieved revenue of 24.719 billion RMB, a year-on-year increase of 2.3%, while net profit attributable to shareholders was 1.138 billion RMB, a decrease of 39.3% [1]. Overseas Expansion - The company has a significant overseas presence, with a cement grinding capacity of 22.54 million tons and a clinker capacity of 15.44 million tons as of 2024H1. The long-term goal is to exceed 50 million tons. The company is strategically expanding into Nigeria and Brazil, with Nigeria being a key market due to its high economic concentration and limited competition [2][3]. Domestic Market - The company has strengthened its domestic market position, with integrated operations contributing nearly 50% to gross profit. Since 2020, it has diversified into non-cement businesses, which have helped mitigate the impact of declining cement demand [3]. Profit Forecast and Valuation - The company is expected to see revenue growth from 34.396 billion RMB in 2024 to 42.268 billion RMB in 2026, with corresponding net profits projected to rise from 2.101 billion RMB to 3.117 billion RMB. The report anticipates a PE ratio of 12, 10, and 8 for the years 2024, 2025, and 2026, respectively [3][6].