Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 安徽海螺水泥股份有限公司 ANHUI CONCH CEMENT COMPANY LIMITED (a joint stock limited company incorporated in the People’s Republic of China) (Stock Code: 00914) 2025 FIRST QUARTERLY REPORT In accordance with the applicable rules of the Shanghai Stock Exchange of the People’s Republic of China (the “PRC”), the quarterly report (the “Quarterly Report”) of Anhui Conch Cement Company Limited (the “Company”) and its subsidiaries (together with the Company, the “Group”) for the period from 1 January 2025 to 31 March 2025 (i.e. the first quarter of 2025) (the “Reporting Period”) will be published in newspapers circulating in the PRC on 30 April 2025. The full text of the Quarterly Report is set out below pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. IMPORTANT NOTICE The board (the “Board”) of directors (the “Directors”), the supervisory committee, the Directors, the supervisors and the senior management members of the Company warrant that the information contained in this Quarterly Report, for which they jointly and severally accept legal liability, is truthful, accurate and complete, and does not contain any misrepresentation, misleading statements or material omission. The financial report contained in this Quarterly Report has not been audited. The officer-in-charge of the Company, the officer-in-charge of the accounting functions and the officer-in-charge of the accounting department (the head of the accounting department) warrant that the financial statements contained in this Quarterly Report are true, accurate and complete. In this Quarterly Report, unless stated otherwise, the currency unit refers to Renminbi (“RMB”), the lawful currency of the PRC. Unless stated otherwise, all financial information was prepared under the generally accepted accounting principles of the PRC.
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2 §1 MAJOR FINANCIAL INFORMATION (1) Major accounting information and financial indicators Unit: RMB Items The Reporting Period Corresponding period of last year Changes of the Reporting Period as compared with that of the corresponding period of last year (%) Revenue 19,051,478,805 21,327,718,918 -10.67 Net profit attributable to equity shareholders of the Company 1,810,438,616 1,502,318,719 20.51 Net profit attributable to equity shareholders of the Company after extraordinary items 1,662,629,575 1,368,419,403 21.50 Net cash flow generated from operating activities 502,573,548 159,585,210 214.92 Basic earnings per share (RMB/share) 0.34 0.28 20.54 Diluted earnings per share (RMB/share) 0.34 0.28 20.54 Weighted average return on net assets (%) 0.96 0.81 Increased by 0.15 percentage point Items As at the end of the Reporting Period As at the end of last year Changes as at the end of the Reporting Period as compared with that at the end of last year (%) Total assets 254,734,648,958 254,635,243,900 0.04 Owners’ equity attributable to equity shareholders of the Company 190,205,296,702 187,940,358,985 1.21 (2) Extraordinary gain and loss items and amount √ Applicable □ Not applicable Unit: RMB Extraordinary gain and loss items Amount for the Reporting Period Explanation Gain/(Loss) from disposal of non-current assets, including write-off of provision for assets impairment 2,194,358 Government grants included in the current profit and loss, except those are closely related to the Company’s ordinary operations, conforming to the national policies and regulations, and those granted in accordance with certain standard and had a continuous impact on the Company’s profit or loss 214,145,348
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3 Gain/(Loss) on changes in the fair value of financial assets and financial liabilities held by non-financial enterprises and gain/(loss) from disposal of financial assets and financial liabilities excluding effective hedging business associated with the Company’s ordinary business -8,736,013 Gains or losses from external entrusted loans 432,764 Entrusted fee income obtained from entrusted operation 5,608,406 Other non-operating income and expenses other than the abovementioned items -41,744,901 Less: Effect on income tax 34,180,671 Effect on minority interests (after tax) -10,089,750 Total 147,809,041 Explanation on the reasons for items not stated in the “Explanatory Announcement No. 1 on Information Disclosure of Companies Offering Their Securities to the Public – Extraordinary Profit and Loss” which are identified by the Company as extraordinary profit or loss items with significant amount, and extraordinary profit or loss items stated in the “Explanatory Announcement No. 1 on Information Disclosure of Companies Offering Their Securities to the Public – Extraordinary Profit and Loss” which are identified by the Company as recurring profit or loss items. □ Applicable √ Not applicable (3) Particulars and reasons for changes in major accounting information and financial indicators √ Applicable □ Not applicable Items Change (%) Main Reason Net cash flow generated from operating activities 214.92 Mainly due to the period-on-period decrease in the costs of procurement of raw and fuel materials by the Group §2 SHAREHOLDER INFORMATION As at the end of the Reporting Period, the total number of holders of ordinary shares (the “Shareholders”) of the Company, the number of holders of preference shares of the Company with voting rights restored and the shareholdings of the top ten Shareholders. Total number of holders of ordinary shares as at the end of the Reporting Period 209,238 Total number of holders of preference shares with voting rights restored as at the end of the Reporting Period (if any) N/A
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4 Shareholdings of the top 10 Shareholders (excluding shares lent through refinancing) Name of Shareholders Nature of Shareholders Number of shares held (Share) Percentage of shareholding (%) Number of shares subject to trading restrictions Pledged or frozen Share status Number of shares (Share) Anhui Conch Holdings Co., Ltd. State-owned legal person 1,928,870,014 36.40 0 Nil - HKSCC Nominees Limited Foreign legal person 1,298,025,090 24.49 0 Unknown Unknown Hong Kong Securities Clearing Company Limited Foreign legal person 192,110,869 3.63 0 Unknown Unknown China Securities Finance Corporation Limited State-owned legal person 115,218,918 2.17 0 Unknown Unknown Central Huijin Asset Management Ltd. State-owned legal person 68,767,400 1.30 0 Unknown Unknown Harvest Fund – Agricultural Bank – Harvest China Securities and Financial Assets Management Program Others 52,399,296 0.99 0 Unknown Unknown Industrial and Commercial Bank of China Limited – Huatai Borui CSI 300 Trading Open-end Index Securities Investment Fund Others 39,323,627 0.74 0 Unknown Unknown China Construction Bank Corporation - E Fund CSI 300 Trading Open-end Index Initiating Securities Investment Fund Others 27,518,914 0.52 0 Unknown Unknown Industrial Bank Co., Ltd. – Xingquan Trend Investment Hybrid Securities Investment Fund Others 19,035,373 0.36 0 Unknown Unknown Industrial and Commercial Bank of China Limited – ChinaAMC CSI 300 Trading Open-end Index Securities Investment Fund Others 18,622,587 0.35 0 Unknown Unknown Shareholdings of the top 10 Shareholders without restrictions on trading Name of Shareholders Total number of shares held without restrictions on trading (Share) Class and number of shares Class of shares Number of shares (Share) Anhui Conch Holdings Co., Ltd. 1,928,870,014 RMB-denominated ordinary shares 1,928,870,014 HKSCC Nominees Limited 1,298,025,090 Overseas listed foreign shares 1,298,025,090 Hong Kong Securities Clearing Company Limited 192,110,869 RMB-denominated ordinary shares 192,110,869 China Securities Finance Corporation Limited 115,218,918 RMB-denominated ordinary shares 115,218,918 Central Huijin Asset Management Ltd. 68,767,400 RMB-denominated ordinary shares 68,767,400 Harvest Fund – Agricultural Bank – Harvest China Securities and Financial Assets Management Program 52,399,296 RMB-denominated ordinary shares 52,399,296 Industrial and Commercial Bank of China Limited – Huatai Borui CSI 300 Trading Open-end Index Securities Investment Fund 39,323,627 RMB-denominated ordinary shares 39,323,627 China Construction Bank Corporation - E Fund CSI 300 Trading Open-end Index Initiating Securities Investment Fund 27,518,914 RMB-denominated ordinary shares 27,518,914
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5 Industrial Bank Co., Ltd. – Xingquan Trend Investment Hybrid Securities Investment Fund 19,035,373 RMB-denominated ordinary shares 19,035,373 Industrial and Commercial Bank of China Limited – ChinaAMC CSI 300 Trading Open-end Index Securities Investment Fund 18,622,587 RMB-denominated ordinary shares 18,622,587 Explanation of the connected relationship or acting in concert relationship among the above Shareholders As far as the Board is aware, there was no connected relationship or acting in concert relationship among the above Shareholders. Explanation on the top 10 Shareholders and the top 10 Shareholders not subject to trading restrictions participating in margin trading and refinancing business (if any) Nil Note: Shareholding in the Company’s designated securities account for repurchase is not shown in the above “Shareholdings of the top 10 Shareholders (excluding shares lent through refinancing)” and “Shareholdings of the top 10 Shareholders without restrictions on trading”; as at the end of the Reporting Period, 22,242,535 A shares of the Company was held in the Company’s designated securities account for repurchase, accounting for 0.42% of the Company’s total issued share capital. Shares lent through refinancing by Shareholders with more than 5% shareholding, the top 10 Shareholders and the top 10 Shareholders without restrictions on trading □ Applicable √ Not applicable Changes in the top 10 Shareholders and the top 10 Shareholders without restrictions on trading as compared with the corresponding period of last year due to lending/returning of shares through refinancing. □ Applicable √ Not applicable §3 OTHER POINTS TO NOTE Other important information regarding the Company’s operation during the Reporting Period which shall draw investors’ attention □ Applicable √ Not applicable §4 QUARTERLY FINANCIAL STATEMENTS (1) Type of auditor opinions □ Applicable √ Not applicable
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6 (2) Financial Statements Consolidated Balance Sheet 31 March 2025 Prepared by: Anhui Conch Cement Company Limited Unit: RMB Items 31 March 2025 (unaudited) 31 December 2024 (audited) Current Assets: Monetary capital 63,948,787,201 70,229,347,994 Balance with clearing companies Placements with other financial institutions Held-for-trading financial assets 500,466,629 509,202,642 Derivative financial assets Bills receivable 7,857,146,239 5,913,012,705 Accounts receivable 3,269,011,095 3,773,192,484 Receivables financing 1,716,052,555 1,423,972,998 Prepayments 1,095,141,387 944,849,151 Premiums receivable Reinsurance accounts receivable Deposits receivable from reinsurance contract Other receivables 1,527,161,851 1,410,263,853 Including: Interests receivable Dividend receivable Purchases of resold financial assets Inventories 7,986,663,640 8,108,520,343 Including: Data resources Contract assets Held-for-sale assets 11,442,212 11,442,212 Non-current assets due within one year 1,035,371,667 Other current assets 1,431,870,083 1,438,229,912 Total current assets 90,379,114,559 93,762,034,294 Non-current assets: Loans and advances granted Debt investments Other debt investments Long-term receivables Long-term equity investment 7,859,694,095 7,775,668,868 Other equity instrument investment 1,721,662,923 1,506,953,238 Other non-current financial assets
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7 Investment properties 66,071,360 66,978,091 Fixed assets 90,624,887,440 89,227,646,848 Construction in progress 6,336,053,986 9,355,746,141 Biological assets for production Oil and gas assets Right-of-use assets 863,855,128 737,454,156 Intangible assets 35,938,247,358 34,264,064,763 Including: Data resources Development expenses Including: Data resources Goodwill 1,451,586,751 1,451,586,751 Long-term deferred expenditures Deferred income tax assets 1,546,557,755 1,486,465,934 Other non-current assets 17,946,917,603 15,000,644,816 Total non-current assets 164,355,534,399 160,873,209,606 Total assets 254,734,648,958 254,635,243,900 Current liabilities: Short-term borrowings 3,944,385,612 5,748,688,099 Borrowings from central bank Capital borrowed Held-for-trading financial liabilities Derivative financial liabilities Bills payable 270,942,828 272,108,465 Accounts payable 5,616,792,748 5,854,946,100 Receipts in advance Contract liabilities 2,809,460,406 2,569,304,570 Funds from disposal of repurchased financial assets Deposit received and inter-bank deposit Customer deposit for trading in securities Customer deposits for securities underwriting Wages payable 223,181,641 1,597,654,998 Tax payable 2,418,567,312 2,349,464,020 Other payables 8,775,995,209 8,526,959,405 Including: Interests payable Dividend payable Handling charges and commissions payable Reinsurance account payable Held-for-sale liabilities Non-current liabilities due within one year 1,898,634,850 1,972,962,009 Other current liabilities Total current liabilities 25,957,960,606 28,892,087,666
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8 Non-current liabilities: Provision for insurance contract Long-term borrowings 10,862,293,845 10,086,380,926 Bonds payable 11,500,000,000 11,500,000,000 Including: Preference shares Perpetual bonds Lease liability 233,924,258 240,355,306 Long-term payables 699,923,120 694,716,035 Long-term wages payable Accrued liabilities 85,397,783 86,115,411 Deferred income 1,093,285,763 1,054,850,935 Deferred income tax liabilities 1,694,349,021 1,703,300,921 Other non-current liabilities Total non-current liabilities 26,169,173,790 25,365,719,534 Total liabilities 52,127,134,396 54,257,807,200 Owners’ equity (or shareholders’ equity): Paid in capital (or share capital) 5,299,302,579 5,299,302,579 Other equity instruments Including: Preference shares Perpetual bonds Capital reserve 10,651,220,764 10,619,029,640 Less: Treasury shares 500,588,481 500,588,481 Other comprehensive income -2,270,184,448 -2,513,880,783 Special reserve 881,637,756 741,904,913 Surplus reserve 2,649,651,290 2,649,651,290 General risk provisions Undistributed profits 173,494,257,242 171,644,939,827 Total equity attributable to owners (or shareholders) of the Company 190,205,296,702 187,940,358,985 Minority interests 12,402,217,860 12,437,077,715 Total owners’ (or shareholders’) equity 202,607,514,562 200,377,436,700 Total liabilities and owners’ (or shareholders’) equity 254,734,648,958 254,635,243,900 Officer-in-charge of the Company: Mr. Yang Jun Officer-in-charge of the accounting functions: Mr. Li Qunfeng Officer-in-charge of the accounting department: Mr. Fan Zhan
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9 Consolidated Income Statement January to March 2025 Prepared by: Anhui Conch Cement Company Limited Unit: RMB Type of audit: Unaudited Items First quarter of 2025 First quarter of 2024 I. Total operating income 19,051,478,805 21,327,718,918 Including: Operating income 19,051,478,805 21,327,718,918 Interest income Premium received Handling fee and commission income II. Total operating costs 17,078,580,961 19,736,771,656 Including: Operating cost 14,692,526,947 17,542,647,142 Interest expenses Handling fee and commission expenses Payment on surrenders Net compensation expenses Net provision drawn for insurance liability Policy dividend expenses Reinsurance expenses Taxes and surcharges 249,158,109 198,786,544 Selling expenses 752,051,659 718,420,199 Administrative expenses 1,385,222,656 1,345,808,976 R&D expenses 175,456,487 185,757,727 Financial expenses -175,834,897 -254,648,932 Including: Interests expenses 165,360,210 182,131,540 Interests income 495,074,074 525,181,265 Add: Other gains 128,814,661 118,454,660 Income from investment (“-” refers to loss) 70,386,227 20,546,637 Including: Investment income from associates and joint venture companies 70,386,227 20,546,637 De-recognition gains on financial assets measured at amortised cost Exchange gains (“-” refers to loss) Net open hedge income (“-” refers to loss) Gains from changes of fair value (“-” refers to loss) -8,736,013 -20,957,043 Credit impairment loss (“-” refers to loss) -1,538,107 -710,010 Asset impairment loss (“-” refers to loss) Gains on disposal of assets (“-” refers to loss) 2,870,001 -127,416 III. Operating profits (“-” refers to loss) 2,164,694,613 1,708,154,090 Add: Non-operating revenue 195,739,480 213,276,009 Less: Non-operating expenses 45,385,222 5,738,126 IV. Total profits (“-” refers to total loss) 2,315,048,871 1,915,691,973 Less: Income tax expenses 539,711,729 427,811,471
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10 V. Net profits (“-” refers to net loss) 1,775,337,142 1,487,880,502 (1) Classified by continuity of operations 1. Net profits of continuing operations (“-” refers to net loss) 1,775,337,142 1,487,880,502 2. Net profits of discontinued operations (“-” refers to net loss) (2) Classified by ownership 1. Net profits attributable to owners of the Company (“-” refers to net loss) 1,810,438,616 1,502,318,719 2. Net profits attributable to minority interests (“-” refers to net loss) -35,101,474 -14,438,217 VI. Net amount of other comprehensive income after tax 284,185,642 -102,086,981 (1) Net amount of other comprehensive income after tax attributable to owners of the parent company 282,575,134 -82,548,144 1. Other comprehensive income not to be reclassified into profit or loss subsequently 250,596,400 -62,250,162 (1) Remeasurement of a defined benefit plan (2) Other comprehensive income which cannot be reclassified into profit or loss under equity method (3) Changes in fair value of other equity investments instruments 250,596,400 -62,250,162 (4) Changes in the fair value of the company's own credit risk 2. Other comprehensive income to be reclassified into profit or loss subsequently 31,978,734 -20,297,982 (1) Other comprehensive income which can be reclassified into profit or loss under equity method subsequently 45,333,411 1,601,306 (2) Changes in fair value of other debt investments (3) The amount of financial assets reclassified into other comprehensive income (4) Other debt investment credit impairment provisions (5) Cash flow hedge reserve (6) Foreign currency financial statement translation difference -13,354,677 -21,899,288 (7) Other (2) Net amount of other comprehensive income after tax attributable to minority shareholders 1,610,508 -19,538,837 VII. Total comprehensive income 2,059,522,784 1,385,793,521 (1) Total comprehensive income attributable to owners of the Company 2,093,013,750 1,419,770,575 (2) Total comprehensive income attributable to minority shareholders -33,490,966 -33,977,054 VIII. Earnings per share: (1) Basic earnings per share (RMB/Share) 0.34 0.28 (2) Diluted earnings per share (RMB/Share) 0.34 0.28 Officer-in-charge of the Company: Mr. Yang Jun Officer-in-charge of the accounting functions: Mr. Li Qunfeng Officer-in-charge of the accounting department: Mr. Fan Zhan
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11 Consolidated Cash Flow Statement January to March 2025 Prepared by: Anhui Conch Cement Company Limited Unit: RMB Type of audit: Unaudited Item First quarter of 2025 First quarter of 2024 I. Cash flow from operating activities: Cash received from selling goods and providing services 21,106,237,894 25,072,806,098 Net increase in customer bank deposits and due to banks and other financial institutions Net increase in borrowings from central bank Net increase in placements from other financial institutions Cash received from original insurance contract premiums Net cash received from reinsurance business Net increase in policy holder deposits and investments funds Cash received from interest, fees and commissions Net increase in capital borrowed Net increase in income from repurchase business Net cash received from agency securities trading Refunds of taxes received 10,138,668 18,150,210 Cash received relating to other operating activities 347,454,825 360,667,224 Sub-total of cash inflow from operating activities 21,463,831,387 25,451,623,532 Cash paid for purchasing goods and receiving services 15,545,034,909 20,015,126,936 Net increase in customer loans and advances to customers Net increase in deposit in central bank and due to banks and other financial institutions Cash paid for original insurance contract claimed Net increase in placements with other financial institutions Cash paid for interest, fees and commissions Cash paid for policy holder dividend Cash paid to and for employees 3,222,942,634 3,230,729,585 Various taxes paid 1,904,610,957 1,803,842,464 Cash paid relating to other operating activities 288,669,339 242,339,337 Sub-total of cash outflow from operating activities 20,961,257,839 25,292,038,322 Net cash flow from operating activities 502,573,548 159,585,210 II. Cash flow from investing activities: Cash received from disposal of investments 7,568,382,631 5,433,029,607 Cash received from returns on investments 490,000 2,588,528 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 7,336,151 2,188,457 Net cash received from disposal of subsidiaries and other operating business units Cash received relating to other investing activities 358,140,675 275,761,693 Sub-total of cash inflow from investing activities 7,934,349,457 5,713,568,285 Cash paid for acquisition and construction of fixed assets, intangible assets and other long-term assets 2,376,426,193 2,973,675,485 Cash paid for investment 5,805,481,615 3,356,366,008 Net increase in pledged loans Net cash payments for acquisition of subsidiaries and other business units 6,746,100 228,587,252
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12 Cash paid relating to other investing activities 2,175,000 Sub-total of cash outflow from investing activities 8,188,653,908 6,560,803,745 Net cash flow from investing activities -254,304,451 -847,235,460 III. Cash flow generated from financing activities: Cash received from investment 64,300,000 Including: Cash received by subsidiaries from the investment of minority shareholders 64,300,000 Cash received from borrowings 1,567,213,779 3,195,083,212 Cash received related to other financing activities Sub-total of cash inflow from financing activities 1,567,213,779 3,259,383,212 Cash paid for repaying debts 2,167,229,385 2,295,349,203 Cash paid for distributing dividends and profits and interest repayment 147,824,372 222,163,434 Including: Dividends and profits paid by subsidiaries to minority shareholders Cash paid related to other financing activities 161,443,467 Sub-total of cash outflow from financing activities 2,315,053,757 2,678,956,104 Net cash flow from financing activities -747,839,978 580,427,108 IV. Effect of foreign exchange rate changes to cash and cash equivalents -3,133,961 3,432,960 V. Net increase in cash and cash equivalents -502,704,842 -103,790,182 Add: Balance of cash and cash equivalents at the beginning of the period 16,337,146,843 11,572,016,022 VI. Balance of cash and cash equivalents at the end of the period 15,834,442,001 11,468,225,840 Officer-in-charge of the Company: Mr. Yang Jun Officer-in-charge of the accounting functions: Mr. Li Qunfeng Officer-in-charge of the accounting department: Mr. Fan Zhan (3) Adjustments to financial statements at the beginning of the year upon initial adoption of new accounting standards or interpretation of standards since 2025 □ Applicable √ Not applicable By Order of the Board Anhui Conch Cement Company Limited Yu Shui Joint Company Secretary Wuhu City, Anhui Province, the PRC 29 April 2025 As at the date of this announcement, the Board comprises (i) Mr. Yang Jun, Mr. Zhu Shengli, Mr. Li Qunfeng, Mr. Wu Tiejun and Mr. Yu Shui as executive Directors; (ii) Mr. Qu Wenzhou, Ms. Ho Shuk Yee, Samantha and Ms. Zhang Yunyan as independent non-executive Directors.