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) Interim results for the six months ended 30 June 2026 元/股。 Unless otherwise stated, the currency unit in this announcement is Renminbi (“RMB”), the lawful currency of the People’s Republic of China (“PRC”). Unless otherwise stated, the financial information in this announcement is prepared in accordance with the China Accounting Standards for Business Enterprises (“PRC Accounting Standards”). “Reporting Period” in this announcement refers to the period between 1 January 2026 and 30 June 2026. I. BASIC INFORMATION OF THE COMPANY 1. Basic information Company name Anhui Conch Cement Company Limited (the “Company”, together with its subsidiaries as the “Group”) A shares (“A Shares”) and H shares (“H Shares”) stock abbreviation Conch Cement A Shares stock code 600585 Exchange on which A Shares are listed The Shanghai Stock Exchange (“SSE”) H Shares stock code 00914 Exchange on which H Shares are listed The Stock Exchange of Hong Kong Limited (“Stock Exchange”) Office address No. 39 Wenhua Road, Wuhu City, Anhui Province, the PRC Postal code 241000 Revenue of the Company for the Reporting Period, prepared in accordance with the IFRSs, amounted to approximately RMB36,926.87 million, representing a decrease of approximately 10.88% over the corresponding period of the previous year. As at the end of the Reporting Period, profit attributable to equity shareholders of the Company, prepared in accordance with the IFRSs, was approximately RMB2,719.79 million, representing a decrease of approximately 41.85% over the corresponding period of the previous year. As at the end of the Reporting Period, basic earnings per share, prepared in accordance with the IFRSs, was RMB0.52, representing a decrease of RMB0.37 per share over the corresponding period of the previous year.
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2 2. Contact persons and means of contact Title Secretary to the Board (Joint Company Secretary) Securities Affairs Representative Name Yu Shui Liu Yanping Contact address No. 39 Wenhua Road, Wuhu City, Anhui Province, the PRC No. 39 Wenhua Road, Wuhu City, Anhui Province, the PRC Telephone number (86-553) 8398976 (86-553) 8398911 Fax number (86-553) 8398931 (86-553) 8398931 E-mail address dms@chinaconch.com dms@chinaconch.com II. ACCOUNTING DATA AND FINANCIAL INDICATORS 1. Financial summary prepared in accordance with the International Financial Reporting Standards (“IFRSs”) Items Six months ended 30 June 2026 (RMB’000) (unaudited) Six months ended 30 June 2025 (RMB’000) (unaudited) Increase ordecrease forthe Reporting Period overthe corresponding period of the previous year (%) After adjustment Before adjustment Revenue 36,926,872 41,436,746 41,291,785 -10.88 Net profit attributable to equity shareholders of the Company 2,719,786 4,677,473 4,631,022 -41.85 As at 30 June 2026 (RMB’000) (unaudited) As at 31 December 2025 (RMB’000) Increase ordecrease as at the end of the Reporting Period as compared to that at the end of the previous year (%) After adjustment Before adjustment Total assets 252,464,266 256,494,726 256,000,730 -1.57 Total liabilities 50,554,413 52,518,230 52,312,787 -3.74 Note: During the Reporting Period, the Company is required to restate financial statements for previous years according to the relevant requirements under the PRC Accounting Standards and the IFRSs respectively since the acquisition of Anhui Conch Green Energy Power Sales Co., Ltd. (“Conch Power Sales”) and Anhui Conch Construction Materials Design Institute Co., Ltd. (“Conch Design Institute”) was a business combination under common control (the same for below). 2. Major accounting data prepared in accordance with the PRC Accounting Standards Items As at 30 June 2026 (RMB’000) (unaudited) As at 31 December 2025 (RMB’000) Increase ordecrease as at the end of the Reporting Period as compared to that at the end of the previous year (%) After adjustment Before adjustment Total assets 252,464,266 256,494,726 256,000,730 -1.57 Net assets attributable to equity shareholders of the Company 191,232,721 192,703,439 192,427,628 -0.76
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3 Items Six months ended 30 June 2026 (RMB’000) (unaudited) Six months ended 30 June 2025 (RMB’000) (unaudited) Increase ordecrease forthe Reporting Period overthe corresponding period of the previous year (%)After adjustment Before adjustment Revenue 36,926,872 41,436,746 41,291,785 -10.88 Net profit attributable to equity shareholders of the Company 2,526,712 4,414,320 4,367,868 -42.76 Net profit after extraordinary items attributable to equity shareholders of the Company 1,902,123 4,198,097 4,198,097 -54.69 Basic earnings per share (RMB/share) 0.48 0.84 0.83 -42.76 Diluted earnings per share (RMB/share) 0.48 0.84 0.83 -42.76 Weighted average return on net assets (%) 1.31 2.32 2.30 Decreased by 1.01 percentage points Net cash flows generated from operating activities 4,515,900 8,337,281 8,286,544 -45.83 III. TOTAL NUMBER OF SHAREHOLDERS AND SHAREHOLDINGS OF THE TOP 10 SHAREHOLDERS As at the end of the Reporting Period, the total number of registered shareholders of the Company was 241,868, of which 117 were registered holders of H Shares. The shareholdings of the top ten registered shareholders of the Company as at the end of the Reporting Period are set out as follows: Name of registered shareholder Nature of shareholder Increase or decrease during the Reporting Period (share) Number of shares held at the end of the Reporting Period (share) Percentage of shareholding (%) (Note 1) Class of shares Pledged or frozen Status Number of shares (share) 1. Anhui Conch Holdings Company Limited (“Conch Holdings”) (Note 2) State-owned legal person 52,920,020 1,981,790,034 37.40 A Share Nil - 2. HKSCC Nominees Limited (Note 3) Foreign legal person 11,950 1,298,111,290 24.50 H Share Unknown Unknown 3. Hong Kong Securities Clearing Company Limited Foreign legal person -54,123,328 97,169,945 1.83 A Share Unknown Unknown 4. Central Huijin Asset Management Ltd. State-owned legal person - 68,767,400 1.30 A Share Unknown Unknown 5. Guosen Securities Co., Ltd. Others 27,400 28,328,901 0.53 A Share Unknown Unknown 6. CPIC Zhiyuan (Shanghai) Private Equity Fund Management Co., Ltd. – CPIC Zhiyuan No.1 Private Equity Securities Investment Fund Others 1,729,700 18,884,600 0.36 A Share Unknown Unknown 7. Industrial and Commercial Bank of China Limited – Dongfanghong New Motion Flexible Allocation Hybrid Securities Investment Fund Others 4,185,876 16,626,327 0.31 A Share Unknown Unknown 8. Anhui Conch Venture Group Co., Ltd. Domestic non-state- owned legal person - 16,531,300 0.31 A Share Unknown Unknown 9. China Merchants Bank Co., Ltd. –Dongfanghong Jingdong Big Data Flexible Allocation Hybrid Securities Investment Fund Others 4,275,052 12,093,042 0.23 A Share Unknown Unknown
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4 Name of registered shareholder Nature of shareholder Increase or decrease during the Reporting Period (share) Number of shares held at the end of the Reporting Period (share) Percentage of shareholding (%) (Note 1) Class of shares Pledged or frozen Status Number of shares (share) 10. Industrial and Commercial Bank of China Limited – Fullgoal Research Selection Flexible Allocation Hybrid Securities Investment Fund Others 3,149,225 11,835,875 0.22 A Share Unknown Unknown Notes: (1) The percentage of shareholding was calculated based on the total number of shares of 5,299,302,579 shares of the Company as at the end of the Reporting Period. (2) During the Reporting Period, Conch Holdings cumulatively increased its holdings of the Company’s A Shares by 52,920,020 shares. The shares held by it were not subject to any pledge, freezing or trust. (3) As at the end of the Reporting Period, HKSCC Nominees Limited held 1,298,111,290 H Shares, representing 24.50% of the total share capital of the Company and 99.89% of the issued H Shares of the Company. These shares were held on behalf of its various clients. (4) All the above shares are floating shares not subject to trading restrictions. (5) The board (“Board”) of directors (“Directors”) of the Company is not aware of any connected relationship or acting in concert relationship among the above-mentioned shareholders. (6) Shareholding in the Company’s designated securities account for repurchase is not shown in the above table. As at the end of the Reporting Period, the number of A Shares held in the Company’s designated securities account for repurchase was 24,442,535, accounting for 0.46% of the Company’s total issued share capital. (7) During the Reporting Period, no Shares were lent through refinancing by shareholders with more than 5% shareholding, the top 10 shareholders and the top 10 shareholders without restrictions on trading. IV. PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY On 3 November 2023, the Board considered and approved the Resolution on the Plan of Repurchase of A Shares of the Company through Centralized Price Bidding. The Company had completed the repurchase by February 2024 for an accumulated repurchase of 22,242,535 A Shares. On 28 May 2026, upon approval by the 2025 annual general meeting of the Company, the use of such shares was changed from “for sale” to “for cancellation”. The Company completed the cancellation of those shares on 14 July 2026. For details, please refer to the announcement published by the Company on the SSE website on 14 July 2026. According to the Resolution Regarding the Plan of Repurchase of the Company’s Shares considered and approved by the Board on 26 May 2026 and the Resolution on Submitting to the Annual General Meeting to Authorize the Board of the Directors to Decide on the Repurchase of Overseas-listed Foreign Shares considered and approved by the 2025 annual general meeting of the Company, during the Reporting Period, the Company had accumulated a repurchase of 2,200,000 A Shares on the SSE for a total payment of RMB43,808,898 (excluding transaction fees). Those shares are used for safeguarding the value of the Company and the interests of the shareholders of the Company, which shall be cancelled and the Company’s registered capital shall be reduced in accordance with the law;
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5 the Company had accumulated a repurchase of 2,630,000 H Shares on the Stock Exchange for a total payment of HKD44,656,435 (excluding transaction fees). Those shares will be cancelled or held as treasury shares (as defined in the Rules Governing the Listing of Securities on the Stock Exchange (“HKSE Listing Rules”)). As at the end of the Reporting Period, the above 2,200,000 repurchased A Shares and 2,630,000 repurchased H Shares have neither been sold nor cancelled. As at the end of the Reporting Period, the number of treasury shares held by the Company was 24,442,535 A Shares and 2,630,000 H Shares. Save as disclosed above, during the Reporting Period, neither the Company nor its subsidiaries repurchased, sold or redeemed any listed securities of the Company (including sales of treasury shares). V. DIRECTORS AND SENIOR MANAGEMENT 1. Interests of Directors and chief executive As at the end of the Reporting Period, the interests and short positions held by Directors, chief executive of the Company and their respective close associates (as defined in the HKSE Listing Rules) in the shares, underlying shares and debentures of the Company or its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (“SFO”)), as recorded in the register required to be kept by the Company pursuant to section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (“Model Code”) as set out in Appendix C3 to the HKSE Listing Rules, are set out below: Name Position The Company/name of associated corporation Nature of interest Number of shares held (share) Percentage of shareholding of the total issued shares Li Qunfeng Executive Director China Conch Environment Protection Holdings Limited (“Conch Environment Protection”) Beneficial owner 2,050,000 0.11% Interest held jointly with other persons (Note) 473,204,318 25.90% Note: Mr. Li Qunfeng and other concert parties have given undertakings to the Company that they will act in concert with the Company when exercising their voting rights at the general meetings of Conch Environment Protection. Pursuant to the SFO, Mr. Li Qunfeng, the Company and other concert parties shall be deemed to be interested in shares of Conch Environment Protection held by each other. Save as disclosed above, as at the end of the Reporting Period, none of the Directors and chief executive of the Company nor their respective close associates had any interests and/or short positions in the shares, underlying shares, debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO), nor had they been granted any rights to subscribe for or exercised the above rights to subscribe for the interests in the shares or debentures of the Company or its associated corporations as defined in Part XV of the SFO. Such interests or short positions shall be recorded in the register required to be kept and prepared by the Company under section 352 of the SFO; or otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.
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6 2. Corporate Governance Code During the Reporting Period, the Company had complied with all the code provisions as set out in Part 2 of the Corporate Governance Code in Appendix C1 to the HKSE Listing Rules. VI. MANAGEMENT DISCUSSION AND ANALYSIS ANALYSIS ON THE OPERATIONAL CONDITIONS FOR THE FIRST HALF OF 2026 (1) Overview of operation development In the first half of 2026, due to weak demand in the cement market, intensifying market competition and other factors, the overall operating pressure on the industry further increased. In the face of a complex and challenging operating environment, the Group established a foothold in the market by taking multiple measures to actively address various headwinds and challenges, striving to overcome the adverse impact of the market downturn, and continuously enhancing its operational resilience, thereby further consolidating the foundation for high-quality development amid the industry adjustment cycle. During the Reporting Period, the Group focused on achieving its annual operating targets and strengthened the coordination of both domestic and international markets. In domestic market, the Group continued to stabilize operations and strengthen management, reinforced end-user market development, and deepened the “cement+” industrial synergy; in overseas market, the Group strengthened the operational management of overseas subsidiaries, optimized global resource allocation, and further improved the operating quality, efficiency and profit contribution of the overseas businesses. At the same time, the Group fully leveraged its scale procurement advantages, enhanced cost reduction, and continued to unleash the potential for cost reduction and efficiency enhancement, thereby consolidating its cost competitiveness. During the Reporting Period, in accordance with the PRC Accounting Standards, the Group’s revenue amounted to RMB36,927 million, representing a decrease of 10.88% from that of the corresponding period of the previous year; net profit attributable to equity shareholders of the Company amounted to RMB2,527 million, representing a decrease of 42.76% from that of the corresponding period of the previous year; and earnings per share were RMB0.48, representing a decrease of RMB0.36 from that of the corresponding period of the previous year. During the Reporting Period, in accordance with the IFRSs, revenue amounted to RMB36,927 million, representing a decrease of 10.88% from that of the corresponding period of the previous year; net profit attributable to equity shareholders of the Company amounted to RMB2,720 million, representing a decrease of 41.85% from that of the corresponding period of the previous year; and earnings per share were RMB0.52, representing a decrease of RMB0.37 from that of the corresponding period of the previous year. During the Reporting Period, encircling the “15th Five-Year” strategic plan, the Group adhered to effective investment and coordinated the advancement in its core business development and industrial chain layout in a coordinated manner. In terms of core business development, the Group continued to promote production capacity integration of the main business in China by pushing forward the acquisition of the cement assets of Anhui Wanwei Updated High-Tech Material Industry Co., Ltd. In overseas markets, the Group seized development opportunities and achieved positive progress in the
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7 construction of key projects. In terms of industrial chain extension, 4 aggregates projects were put into operation on schedule, 26 commodity concrete projects were implemented through new construction, leasing and toll processing and 4 new dry-mixed mortar and ceramic tile glue projects were newly put into production, these have further enhanced the Group’s industrial chain layout and accelerated its formation as a comprehensive building materials service solutions provider. The Group continued to advance scientific and technological innovation as well as the transformation and application of innovation achievements, fostering a positive company-wide innovation atmosphere. During the Reporting Period, the Group won 7 building materials science and technology awards jointly issued by the China Building Materials Federation and the Chinese Ceramic Society, as well as the Anhui Provincial Science and Technology Award, and obtained 223 authorized patents. The employee participation rate in innovation activities reached 46%, and more than 500 innovation achievements were replicated and promoted in a scale of “1-100”. The Group has deeply implemented green and low-carbon development. It accelerated the ultra-low emission renovation of production lines, intensified research and development efforts in advanced carbon-reduction technologies, and further explored energy-saving and carbon-reduction potential to further reduce carbon intensity. The Group also strengthened its research on carbon market policies and operating mechanisms, actively participated in carbon market trading, and further enhanced green and low-carbon development. As at the end of the Reporting Period, the Group’s production capacity of clinker, cement, aggregates and commodity concrete amounted to 234 million tonnes, 385 million tonnes1, 186 million tonnes and 84.35 million cubic meters, respectively. The installed capacity of wind-photovoltaic power generation and energy storage in operation amounted to approximately 1,431 MW. (2) Major operational information during the Reporting Period 1. Analysis of revenue and cost Principal activities by industry, product, region and sales model Principal activities by industry Industry Operating revenue (RMB’000) Operating cost (RMB’000) Gross profit margin (%) Increase or decrease in operating revenue over the corresponding period of the previous year (%) Increase or decrease in operating cost over the corresponding period of the previous year (%) Increase or decrease in gross profit margin over the corresponding period of the previous year Building material industry (sale of self-produced products) 28,634,730 22,202,233 22.46 -16.49 -8.98 Decreased by 6.40 percentage points Building material industry (trading business) 1,095,045 1,083,854 1.02 99.71 100.16 Decreased by 0.22 percentage point 1 During the Reporting Period, no new production capacity of cement was added. The production capacity of cement decreased from that at the beginning of the Reporting Period was mainly due to the dismantling of certain mills based on the production capacity replacement arrangements of the Group.
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8 Principal activities by product Product Operating revenue (RMB’000) Operating cost (RMB’000) Gross profit margin (%) Increase or decrease in operating revenue over the corresponding period of the previous year (%) Increase or decrease in operating cost over the corresponding period of the previous year (%) Increase or decrease in gross profit margin over the corresponding period of the previous year Building material industry (sale of self-produced products) - 42.5 grade cement Note 1 19,887,047 15,529,603 21.91 -16.68 -8.26 Decreased by 7.17 percentage points Building material industry (sale of self-produced products) - 32.5 grade cement 3,062,826 2,099,524 31.45 -18.27 -14.61 Decreased by 2.94 percentage points Building material industry (sale of self-produced products) - clinker 2,249,233 2,038,394 9.37 -26.05 -17.68 Decreased by 9.21 percentage points Building material industry (sale of self-produced products) - aggregate and manufactured sand 1,889,794 1,119,112 40.78 -10.50 -5.57 Decreased by 3.09 percentage points Building material industry (sale of self-produced products) - commodity concrete 1,545,830 1,415,600 8.42 1.79 5.21 Decreased by 2.98 percentage points Building material industry (trading business) 1,095,045 1,083,854 1.02 99.71 100.16 Decreased by 0.22 percentage point Principal activities by region Region Operating revenue (RMB’000) Operating cost (RMB’000) Gross profit margin (%) Increase or decrease in operating revenue over the corresponding period of the previous year (%) Increase or decrease in operating cost over the corresponding period of the previous year (%) Increase or decrease in gross profit margin over the corresponding period of the previous year Building material industry (sale of self-produced products) - East China Note 2 7,733,292 6,760,604 12.58 -23.64 -13.86 Decreased by 9.92 percentage points Building material industry (sale of self-produced products) - Central China Note 3 6,876,308 5,320,901 22.62 -23.41 -16.17 Decreased by 6.69 percentage points Building material industry (sale of self-produced products) - South China Note 4 5,138,101 4,009,750 21.96 -14.77 -4.55 Decreased by 8.35 percentage points Building material industry (sale of self-produced products) - West China Note 5 5,144,320 3,895,959 24.27 -17.85 -9.18 Decreased by 7.22 percentage points Building material industry (sale of self-produced products) - Export 763,921 649,318 15.00 77.37 81.01 Decreased by 1.71 percentage points Building material industry (sale of self-produced products) - Overseas 2,978,788 1,565,701 47.44 20.98 16.12 Increased by 2.20 percentage points Building material industry (trading business) 1,095,045 1,083,854 1.02 99.71 100.16 Decreased by 0.22 percentage point
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9 Principal activities by sales model Sales model Operating revenue (RMB’000) Operating cost (RMB’000) Gross profit margin (%) Increase or decrease in operating revenue over the corresponding period of the previous year (%) Increase or decrease in operating cost over the corresponding period of the previous year (%) Increase or decrease in gross profit margin over the corresponding period of the previous year Building material industry - Direct sale 17,555,432 13,226,497 24.66 -13.75 -5.55 Decreased by 6.55 percentage points Building material industry - Distribution 12,174,343 10,059,590 17.37 -15.93 -8.01 Decreased by 7.12 percentage points Notes: 1. 42.5-grade cement includes cement of grade 42.5 and above; 2. East China mainly includes Jiangsu, Zhejiang, Shanghai, Fujian and Shandong, etc.; 3. Central China mainly includes Anhui, Jiangxi and Hunan, etc.; 4. South China mainly includes Guangdong, Guangxi and Hainan; 5. West China mainly includes Sichuan, Chongqing, Guizhou, Yunnan, Gansu, Shaanxi, Xinjiang and Inner Mongolia, etc. Sales by industry During the Reporting Period, the Group’s sales volume of self-produced cement and clinker products amounted to 121 million tonnes, representing a period-on-period decrease of 3.96%. Sales revenue from self-produced products amounted to RMB28,635 million, representing a period-on-period decrease of 16.49%. Cost of sales of self-produced products decreased by 8.98% period-on-period to RMB22,202 million. The consolidated gross profit margin of self-produced products was 22.46%, representing a decrease of 6.40 percentage points from that for the corresponding period of the previous year. The Group achieved a sales volume of 4.61 million tonnes for its cement and clinker trading business, representing a period-on-period increase of 146.13%. Revenue from trading business amounted to RMB1,095 million, representing a period-on-period increase of 99.71%. Cost of trading business increased by 100.16% period-on-period to RMB1,084 million. The consolidated gross profit margin of trading business was 1.02%, representing a decrease of 0.22 percentage point from that for the corresponding period of the previous year. The Group’s total sales volume of self-produced products and trading business of cement and clinker amounted to 125 million tonnes, representing a period-on-period decrease of 1.75%. Revenue generated from principal activities amounted to RMB29,730 million, representing a period-on-period decrease of 14.66%. Cost of principal business decreased by 6.61% period-on-period to RMB23,286 million. The consolidated gross profit margin of products was 21.67%, representing a decrease of 6.75 percentage points from that for the corresponding period of the previous year. Sales by product During the Reporting Period, the gross profit margin of the Group’s self-produced 42.5-grade cement, 32.5-grade cement and clinker decreased by 7.17 percentage points, 2.94 percentage points and 9.21 percentage points period-on-period, respectively. The consolidated gross profit margin of aggregates
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10 and manufactured sand decreased by 3.09 percentage points period-on-period to 40.78%; the consolidated gross profit margin of commodity concrete was 8.42%, representing a period-on-period decrease of 2.98 percentage points. Sales by region During the Reporting Period, the domestic market was primarily affected by the period-on-period decrease in the selling prices of products, resulting in the decrease of sales revenue of self-produced products across various domestic regions by varying degrees. Benefiting from demand growth and effective market coordination, the Group’s overseas projects demonstrated a positive trend of simultaneous growth in both volume and price with sales revenue and gross profit margin recorded a period-on-period increase of 20.98% and 2.20 percentage points, respectively. In addition, the Group sought overseas export opportunities and increased its export in a timely manner, with export revenue growing by 77.37% period-on-period. 2. Profit analysis Major profit or loss items prepared in accordance with the PRC Accounting Standards Items Amount Increase or decrease for the Reporting Period over the corresponding period of the previous year (%) Six months ended 30 June 2026 (RMB’000) (Unaudited) Six months ended 30 June 2025 (RMB’000) (Unaudited) Revenue from principal activities 29,729,775 34,836,859 -14.66 Profit from operations 3,167,736 5,807,809 -45.46 Profit before taxation 3,265,319 5,903,295 -44.69 Net profit attributable to equity shareholders of the Company 2,526,712 4,414,320 -42.76 During the Reporting Period, mainly affected by the decrease in the selling prices of products, the Group’s revenue from principal business, profit from operations, profit before taxation and net profit attributable to equity shareholders of the Company recorded decreases of 14.66%, 45.46%, 44.69% and 42.76%, respectively, as compared to the corresponding period of the previous year. 3. Analysis of costs and expenses Consolidated costs of cement and clinker for the six months ended 30 June 2026 and their period-on-period changes Items Six months ended 30 June 2026 Six months ended 30 June 2025 Increase or decrease in costs (%) Increase or decrease in proportion of costs (percentage points) Unit costs (RMB/tonne) (Unaudited) Proportion (%) Unit costs (RMB/tonne) (Unaudited) Proportion (%) Raw materials 27.20 16.67 31.86 18.30 -14.63 -1.63 Fuel and power 93.55 57.35 96.36 55.33 -2.92 2.02 Depreciation expense 15.59 9.56 16.54 9.50 -5.74 0.06 Labor cost 11.26 6.90 12.94 7.43 -12.98 -0.53 Others 15.52 9.52 16.44 9.44 -5.60 0.08 Total 163.12 100 174.14 100 -6.33 -
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11 Note: All cost items above represent the costs of the Group’s self-produced products, excluding cost of the trading business. During the Reporting Period, the Company enhanced its cost control standards through adopting technological innovation, strengthening logistic management, increasing utilization of alternative fuels, and optimizing procurement channels for raw materials and fuels. The Company’s consolidated costs of self-produced cement and clinker products decreased by 6.33% period-on-period. Changes in major expense items prepared in accordance with the PRC Accounting Standards Expenses for the period Amount for the six months ended 30 June 2026 (RMB’000) (Unaudited) Amount for the six months ended 30 June 2025 (RMB’000) (Unaudited) Increase or decrease for the Reporting Period over the corresponding period of the previous year (%) Proportion over the revenue from principal activities for the Reporting Period (%) Proportion over the revenue from principal activities for the corresponding period of the previous year (%) Increase or decrease in the proportion over the revenue from principal activities (percentage points) Selling expenses 1,601,725 1,637,375 -2.18 5.39 4.70 0.69 Administrative expenses 2,595,474 2,972,673 -12.69 8.73 8.53 0.20 Research and development expenses 205,035 332,442 -38.32 0.69 0.95 -0.26 Financial expenses (income is stated in negative) 232,075 -497,378 146.66 0.78 -1.43 2.21 Total 4,634,309 4,445,112 4.26 15.59 12.75 2.84 During the Reporting Period, the Group’s research and development expenses decreased by 38.32% period-on-period, primarily due to a period-on-period decrease in expenditure on various research and development projects; the Group’s finance expenses increased by 146.66% period-on-period, primarily due to a period-on-period increase in net exchange losses resulting from RMB appreciation and exchange rate fluctuations, as well as a period-on-period decrease in interest income under finance expenses due to utilization of part of cash at bank and on hand to purchase wealth management products and structured deposits to secure stable returns on capital.
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12 4. Financial position Asset and liability position Changes in assets and liabilities prepared in accordance with the PRC Accounting Standards Items As at 30 June 2026 (RMB’000) (Unaudited) As a percentage of total assets as at the end of the Reporting Period (%) As at 31 December 2025 (RMB’000) As a percentage of total assets as at the end of the previous year (%) Change in amounts as at the end of the Reporting Period from that at the end of the previous year (%) Cash at bank and on hand 34,328,683 13.60 50,598,227 19.73 -32.15 Financial assets held for trading 23,451,797 9.29 12,999,961 5.07 80.40 Accounts receivable 2,384,398 0.94 3,050,128 1.19 -21.83 Advance payment 724,855 0.29 700,064 0.27 3.54 Inventories 8,543,762 3.38 7,596,948 2.96 12.46 Long-term equity investments 8,518,309 3.37 7,981,404 3.11 6.73 Investments in other equity instruments 1,184,773 0.47 1,416,434 0.55 -16.36 Fixed assets 89,984,079 35.64 92,417,324 36.03 -2.63 Construction in progress 6,593,017 2.61 6,105,558 2.38 7.98 Right-of-use assets 949,436 0.38 888,246 0.35 6.89 Intangible assets 37,129,343 14.71 37,056,178 14.45 0.20 Total assets 252,464,266 100 256,494,726 100 -1.57 Short-term borrowings 5,056,999 2.00 4,540,764 1.77 11.37 Contract liabilities 2,409,460 0.95 2,923,388 1.14 -17.58 Long-term borrowings 5,728,116 2.27 7,018,946 2.74 -18.39 Bonds payables 9,500,000 3.76 12,500,000 4.87 -24.00 Lease liabilities 290,108 0.11 220,156 0.09 31.77 Total liabilities 50,531,634 20.02 52,490,390 20.46 -3.73 Total liabilities and equity 252,464,266 100 256,494,726 100 -1.57 As at the end of the Reporting Period, the Group’s cash at bank and on hand decreased by 32.15% as compared to that at the end of the previous year; the balance of financial assets held for trading increased by 80.40% as compared to that at the end of the previous year, which was mainly due to the subscription of wealth management products of banks and structured deposits during the Reporting Period; the accounts receivable decreased by 21.83% as compared to that at the end of the previous year, which was mainly due to the achievement in reduction in current account balances during the Reporting Period; the balance of long-term borrowings decreased by 18.39% as compared to that at the end of the previous year, which was mainly due to the repayment of borrowings during the Reporting Period; the balance of bonds payables decreased by RMB3,000 million as compared to that at the end
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13 of the previous year, which was mainly due to re-classification of certain medium-term notes that will expire within one year during the Reporting Period to non-current liabilities according to the PRC Accounting Standards. The Group’s total assets prepared in accordance with the PRC Accounting Standards amounted to RMB252,464 million, representing a decrease of 1.57% as compared to that at the end of the previous year. Total liabilities amounted to RMB50,532 million, representing a decrease of 3.73% as compared to that at the end of the previous year, of which, current liabilities amounted to RMB29,910 million, representing an increase of 6.75% as compared to that at the end of the previous year and non-current liabilities amounted to RMB20,622 million, representing a decrease of 15.73% as compared to that at the end of the previous year. As at the end of the Reporting Period, the Group’s gearing ratio calculated in accordance with the PRC Accounting Standards was 20.02%, representing a decrease of 0.44 percentage point as compared to that at the end of the previous year. As at the end of the Reporting Period, equity attributable to equity shareholders of the Company amounted to RMB191,233 million, representing a decrease of 0.76% as compared to that at the end of the previous year; equity attributable to minority shareholders amounted to RMB10,700 million, representing a decrease of 5.32% as compared to that at the end of the previous year. As at the end of the Reporting Period, net assets per share attributable to equity shareholders of the Company amounted to RMB36.27. As at the end of the Reporting Period, total current assets and total current liabilities of the Group prepared in accordance with the PRC Accounting Standards amounted to RMB86,709 million and RMB29,910 million respectively, with a current ratio of 2.90:1 (end of last year: 3.19:1). Total current assets and total current liabilities of the Group prepared in accordance with the IFRSs amounted to RMB86,709 million and RMB29,910 million respectively, with a net gearing ratio of 0.070 (end of last year: 0.082). The net gearing ratio was calculated as: (interest-bearing liabilities minus cash and cash equivalents) divided by shareholders’ equity. As at the end of the Reporting Period, overseas assets of the Group amounted to RMB18,364 million, accounting for 7.27% of the total assets. As at the end of the Reporting Period, the Company pledged intangible assets and fixed assets with book values of approximately RMB49 million and RMB229 million respectively as security for borrowings from financial institutions. The deposit of RMB44 million has been frozen due to involvement in legal proceedings. Save for the matters disclosed above, no other assets of the Group were distressed, seized, frozen, charged or pledged or could only be realized upon satisfaction of certain conditions or cannot be realized or used for debt settlements, nor did there exist any circumstance or arrangement under which the right to occupy, use, gain from and dispose of assets were subject to other restrictions.
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14 Liquidity and source of funds Maturity analysis of bank loans and other loans of the Group as at the end of the Reporting Period is as follows: As at 30 June 2026 As at 31 December 2025 (RMB’000) (Unaudited) (RMB’000) Due within 1 year 7,408,642 6,610,662 Due after 1 year but within 2 years 1,752,319 1,826,356 Due after 2 years but within 5 years 3,342,955 4,204,890 Due after 5 years 632,842 987,700 Total 13,136,758 13,629,608 As at the end of the Reporting Period, balance of the Group’s bank borrowings was RMB13,137 million, representing a decrease of RMB493 million as compared to that at the end of the year. Such decrease was mainly attributable to repayment of borrowings during the Reporting Period. Save for the above borrowings, the Group issued medium-term notes of RMB12,500 million. During the Reporting Period, the Group’s source of funding was mainly from the net cash flows generated from operating activities. Analysis of cash flow Comparison of net cash flow prepared in accordance with the PRC Accounting Standards Six months ended 30 June 2026 (RMB’000) (Unaudited) Six months ended 30 June 2025 (RMB’000) (Unaudited) Changes (%) Net cash flows generated from operating activities 4,515,900 8,337,281 -45.83 Net cash flows generated from investing activities 1,674,762 -6,641,187 125.22 Net cash flows generated from financing activities -3,578,391 -4,812,242 25.64 Effect of exchange rate change on cash and cash equivalents -90,843 -21,841 -315.92 Net increase in cash and cash equivalents 2,521,428 -3,137,990 180.35 Balance of cash and cash equivalents at the beginning of the period 11,017,590 16,993,888 -35.17 Balance of cash and cash equivalents at the end of the period 13,539,019 13,855,898 -2.29 During the Reporting Period, the Group’s net cash flows generated from operating activities amounted to RMB4,516 million, representing a period-on-period decrease of RMB3,821 million, which was mainly due to the period-on-period decrease in cash received from sales of goods and rendering of services during the Reporting Period. During the Reporting Period, the Group’s net cash inflows from investing activities increased by RMB8,316 million from that for the corresponding period of the previous year, which was mainly due to the period-on-period increase in recovery amount of the time deposits, wealth management products of banks and structured deposits upon maturity during the Reporting Period.
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15 During the Reporting Period, the Group’s net cash outflows from financing activities decreased by RMB1,234 million as compared to that of the corresponding period of the previous year, which was mainly due to the period-on-period decrease in the amount of repayment of borrowings during the Reporting Period. (3) Capital expenditure During the Reporting Period, the capital expenditure of the Group amounted to approximately RMB4,337 million, which was mainly used for project construction and external investments. As at the end of the Reporting Period, capital commitments in respect of the purchase of machinery and equipment for production and investments that should be committed but have not been provided for in the accounts are set out as follows: As at 30 June 2026 As at 31 December 2025 (RMB’000) (Unaudited) (RMB’000) Authorized and contracted for 9,402,160 9,661,933 Authorized but not contracted for 6,948,906 5,519,520 Total 16,351,066 15,181,453 (4) Exchange rate risk and related hedging by financial instruments During the Reporting Period, the overseas businesses of the Group spanned across several countries and regions including Indonesia, Myanmar, Laos, Cambodia and Uzbekistan, and the operating revenue and expenditures of overseas companies were generally settled in local currencies and US dollars. The initial capital investment for construction of overseas projects was relatively large, and the source of funding mainly came from registered capital and internal and external financing. Due to foreign exchange control in certain invested countries, depreciation of local currencies and fluctuation in the exchange rates of RMB, US dollars and other major currencies, foreign currency assets and liabilities and cross-border fund receipts and payments of overseas companies may result in exchange gains or losses, thereby exposing the Group to a certain degree of exchange rate fluctuation risk. In order to effectively mitigate foreign exchange risk and to ensure that the overall foreign exchange risk is under control, the Group coordinated arrangement of financing and foreign exchange receipts and payments, steadily reduced the scale of overseas liabilities and optimized asset and liability structure by taking into account the construction progress of overseas projects, production and operating needs and exchange rate fluctuations. The Group actively leveraged the management role of fund pool to strengthen centralized and unified management, allocation and efficient utilization of foreign funds, thereby reducing foreign exchange conversion and settlement costs and promoting complementary capital advantages, and effectively lowering finance expenses. The Group continuously monitored changes in exchange rates and interest rates of the host countries of the invested. In response to the risk of exchange losses on the RMB liabilities of overseas projects arising from expected RMB appreciation, the Company has taken a phased approach to replace existing RMB liabilities with local currency loans in the host countries of the invested, thereby balancing currency mismatches and enhancing the Company’s financial stability.
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16 OUTLOOK FOR THE SECOND HALF OF THE YEAR In the second half of 2026, the Central Government will implement a more proactive fiscal policy and a moderately loose monetary policy, accelerate fiscal expenditure and use of bond funds, and strive to vigorously advance the implementation of construction and work under the “two prioritizations” and the “two new” initiatives. The State will make solid progress in the planning and construction of “six networks” including urban pipeline networks and water networks, which is expected to generate more physical workload and provide a certain degree of support for cement demand on the infrastructure side. At the same time, the real estate market remains in the stage of adjustment and transformation. In the first half of the year, indicators such as real estate development investment, commencement of construction area and sales area remained under pressure. It is expected that in the second half of the year, local governments will further implement city-specific policies, coordinate efforts to control increment, reduce inventory and optimize supply, promote high-quality advancement of urban renewal. They will also accelerate the redevelopment of dilapidated and old houses, urban villages and old residential communities, and promote the construction of “good housing”. However, stabilization and recovery in real estate investment remain a matter of time, and the impact of the adjustment of real estate market on cement demand will continue. In terms of operation and management, the Group will conduct in-depth analysis on the market development trend, strengthen the operation and coordination of cement and upstream and downstream industrial chains, fully implement measures to improve quality and efficiency and control costs, and strive to stabilize operational foundation. First, the Group will persist in pursuing a dual-pronged approach in both domestic and overseas markets. It will deepen its presence in the domestic market, optimize marketing models and structures, improve the customer service system, strengthen the development of channels, and accelerate the transformation into a comprehensive building materials service solution provider. At the same time, the Group will actively expand overseas markets, focus on improving the operating quality of overseas projects with a view to further enhance the profitability of overseas projects. Second, the Group will take cost control as the key point to enhance operation resilience. It will strengthen analysis of supply and demand of the fuel market, flexibly adjust procurement strategies and expand diversified procurement channels. The Group aims to continuously reduce production and operating costs by empowering production and operational management via adoption of digital intelligence technologies, accelerating the construction of intelligent factories and digital application scenarios and actively expanding the application of new energy and alternative fuels. Third, the Group will consistently adhere to the ESG development concept, and reinforce the bottom line for safety, environmental protection and green development. It will carry out in-depth efforts to address the root causes of production safety through a focused campaign, strengthen the implementation of production safety responsibilities and deepen intelligent safety management. The Group strives to accelerate the ultra-low emission transformation of production lines, improve the carbon emission statistics accounting and carbon asset management system covering the entire process of production and operation and coordinate promotion of carbon emission reduction at the source, carbon emission control in the process and carbon emission end-of-pipe treatment. By expanding the application of green energy and low-carbon technologies, the Group’s green and low-carbon development level is thereby enhanced.
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17 In terms of investment development, the Group will continue to encircle the “15th Five-Year” development plan to accurately implement effective investment, comprehensively shape the competitive advantage of the industry and continuously promote high-quality development. First, the Group will consolidate and enhance the competitive advantage of its core cement business. It will grasp the favorable opportunity arising from the profound reshaping of the industry landscape to promote the merger and acquisition of high-quality projects of domestic main business, thereby continuously improving market layout and enhancing industry concentration level. The Group will also accelerate the advancement of international expansion, promote the implementation of key overseas projects, strengthen the research and feasibility studies on projects in the pipeline. Via persistent refinement of overseas businesses layout, the Group strives to open up new horizons in international development. Second, the Group will promote industrial chain extension by implementing differentiated strategies. It will focus on improving the layout of aggregate and commodity concrete projects in advantageous markets, make use of resource advantages to accelerate the construction of key aggregate projects and take various measures to expand the network of commodity concrete projects. By continuously cultivating the consumer building materials sector, the Group aims to build a diversified product matrix and marketing channels. Third, the Group will accelerate the construction of new momentum for development. The Group will focus on the high-end, intelligent and green development to promote the development and growth of new energy industry, environmental protection industry, digital industry and engineering service industry. It will also promote deep integration of emerging business and the core cement business in the fields such as operational development, energy saving and carbon reduction, intelligent manufacturing and technical services. Fourth, the Group will strengthen the coordinated allocation of innovative resources. It will promote scientific and technological innovation and industrial innovation aiming to create benefits through industrial synergy and integrative development, thereby injecting new momentum into the transformation and upgrading of the core business and the Group’s high-quality sustainable development. VII. AUDIT COMMITTEE The audit committee (“Audit Committee”) has been established by the Board of the Company. The terms of reference adopted by the Audit Committee complied with all the requirements under the applicable code provisions regarding terms of reference of the Audit Committee as set out in Part 2 of Appendix C1 to the HKSE Listing Rules. The Audit Committee is responsible for the review and supervision of financial reporting procedures and the internal control system of the Group, giving advice and recommendation to the Board, and conducting effective supervision on the duty performance of the Directors and senior management members and matters related to the legal compliance in operation of the Company in accordance with the Company Law and the Terms of Reference of the Audit Committee. The 2026 interim results of the Company as set out in this announcement has been reviewed by the Audit Committee. VIII.INTERIM DIVIDEND Pursuant to the authorization by the Company’s annual general meeting for the year 2025 held on 28 May 2026, the Company had formulated and adopted the Interim Profit Appropriation Proposal for
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18 2026, pursuant to which the Board decided to distribute an interim dividend of RMB0.13 per share (tax inclusive) for 2026. In accordance with the relevant provisions of the articles of association of the Company, the Company’s repurchased shares are not entitled to profit distribution rights. Based on the Company’s total number of issued shares of 5,277,060,044 shares as at the date of this announcement less 36,879,800 A Shares and 9,865,000 H Shares repurchased and held by the Company, the total amount of payment for the interim dividend for 2026 will be RMB679,940,981.72 (tax inclusive). In the event of change of the Company’s total number of shares with profit distribution right (i.e. less the repurchased shares held by the Company) prior to the record date for the implementation of dividend distribution, the Company intends to keep the cash dividend per share unchanged, and the total amount of payment for the interim dividend shall be adjusted accordingly. IX. NO EVENT THAT MIGHT IMPOSE MATERIAL IMPACTS Since the publication of the annual report of the Company for the year ended 31 December 2025 save as disclosed in this announcement, and up to the date of publication of this interim results announcement, there has been no event or changes to the affairs of the Group that might impose material impacts on the Group. X. FINANCIAL INFORMATION Extracts from the unaudited consolidated statement of profit or loss and consolidated statement of profit or loss and other comprehensive income of the Group for the six months ended 30 June 2026 and unaudited consolidated statement of financial position of the Group at 30 June 2026 together with the comparative figures for the corresponding period of 2025, prepared in accordance with the IFRSs and presented on the basis as described in note 4(1) below, are as follows:
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19 1. Consolidated statement of profit or loss (unaudited) Six months ended 30 June Note 2026 2025 RMB’000 RMB’000 (restated) (Note 4(8)) Revenue 4(3) 36,926,872 41,436,746 Cost of sales and services rendered (30,264,506) (31,451,271) Gross profit 6,662,366 9,985,475 Other income 4(4) 640,504 1,222,579 Selling and marketing costs (1,601,725) (1,637,375) Administrative expenses (2,413,164) (2,720,676) Research and development costs (205,035) (332,442) Impairment loss on trade receivables (14,459) (4,854) Impairment loss on property, plant and equipment and prepayments - (296,657) Profit from operations 3,068,487 6,216,050 Finance costs 4(5)(a) (301,955) (332,477) Share of profits of associates 480,340 184,788 Share of profits of joint ventures 212,312 99,920 Profit before taxation 4(5) 3,459,184 6,168,281 Income tax 4(6) (800,793) (1,452,445) Profit for the period 2,658,391 4,715,836 Attributable to: Equity shareholders of the Company 2,719,786 4,677,473 Non-controlling interests (61,395) 38,363 Profit for the period 2,658,391 4,715,836 Earnings per share 4(7) Basic RMB0.52 RMB0.89 Diluted RMB0.52 RMB0.89
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20 2. Consolidated statement of profit and loss and other comprehensive income (unaudited) Six months ended 30 June 2026 2025 RMB’000 RMB’000 (restated) (Note 4(8)) Profit for the period 2,658,391 4,715,836 Other comprehensive income for the period (after tax and reclassification adjustments): Item that will not be reclassified to profit or loss: Equity investments at fair value through other comprehensive income (“FVOCI”) - net movement in fair value reserve (non-recycling) (75,035) 251,475 Items that may be reclassified subsequently to profit or loss: Exchange differences on translation of financial statements of overseas subsidiaries 5,087 50,794 Shares of other comprehensive income of investees (123,336) (31,368) Other comprehensive income for the period (193,284) 270,901 Total comprehensive income for the period 2,465,107 4,986,737 Attributable to: Equity shareholders of the Company 2,544,469 4,947,093 Non-controlling interests (79,362) 39,644 Total comprehensive income for the period 2,465,107 4,986,737
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21 3. Consolidated statement of financial position (unaudited) At 30 June 2026 At 31 December 2025 RMB’000 RMB’000 (restated) (Note 4(8)) Non-current assets Property, plant and equipment - Investment properties 49,317 63,351 - Other property, plant and equipment 105,739,528 107,637,965 Intangible assets 29,051,577 28,966,573 Goodwill 1,241,748 1,241,748 Interest in associates 6,164,162 5,828,789 Interests in joint ventures 2,354,147 2,152,615 Loans and receivables 391,143 416,088 Long-term prepayments 1,345,502 1,473,046 Financial assets measured at FVOCI 1,184,773 1,416,434 Deferred tax assets 1,824,815 1,787,728 Time deposits 16,348,572 15,990,824 Amounts due from related parties 59,644 66,557 165,754,928 167,041,718 Current assets Inventories 8,543,762 7,596,948 Other financial assets 2,730,446 2,706,382 Trade and bills receivables 8,320,762 10,375,346 Time deposits 5,163,439 1,369,409 Financial assets measured at fair value through profit and loss (“FVPL”) 23,451,797 12,999,961 Prepayments and other receivables 3,556,727 3,221,533 Amounts due from related parties 208,266 158,416 Tax recoverable 405,456 426,786 Restricted cash deposits 545,362 860,311 Bank deposits with original maturity over three months 20,244,302 38,720,326 Cash and cash equivalents 13,539,019 11,017,590 86,709,338 89,453,008
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22 3. Consolidated statement of financial position (unaudited) (continued) At 30 June 2026 At 31 December 2025 RMB’000 RMB’000 (restated) (Note 4(8)) Current liabilities Trade and bills payables 5,334,845 5,239,195 Other payables and accruals 8,491,652 11,526,158 Current portion of long-term payables 171,544 183,724 Current portion of corporate bonds 3,159,374 112,632 Contract liabilities 2,408,842 2,923,022 Bank loans and other borrowings 7,408,642 6,610,662 Lease liabilities 34,650 30,346 Amounts due to related parties 2,576,834 788,820 Current taxation 323,591 605,229 29,909,974 28,019,788 Net current assets 56,799,364 61,433,220 Total assets less current liabilities 222,554,292 228,474,938 Non-current liabilities Corporate bonds 9,500,000 12,500,000 Bank loans and other borrowings 5,728,116 7,018,946 Lease liabilities 290,108 220,156 Long-term payables 1,352,584 1,168,719 Long-term employee benefits payable 52,568 55,948 Deferred income 1,608,633 1,540,173 Deferred tax liabilities 1,946,458 1,860,986 Provisions 165,972 133,514 20,644,439 24,498,442 NET ASSETS 201,909,853 203,976,496 CAPITAL AND RESERVES Share capital 5,299,303 5,299,303 Reserves 185,915,657 187,381,508 Total equity attributable to equity shareholders of the Company 191,214,960 192,680,811 Non-controlling interests 10,694,893 11,295,685 TOTAL EQUITY 201,909,853 203,976,496
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23 4. Notes (1) Basis of preparation This interim financial report of Anhui Conch Cement Company Limited (“Company”) and its subsidiaries (collectively, the “Group”) has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, including compliance with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting” adopted by the International Accounting Standards Board. It was authorised for issue on 26 August 2026. This interim financial report has been prepared in accordance with the same accounting policies adopted in the 2025 annual financial statements, except for the accounting policy changes that are expected to be reflected in the 2026 annual financial statements. Details of any changes in accounting policies are set out in note 4(2). The preparation of an interim financial report in conformity with IAS 34 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year to date basis. Actual results may differ from these estimates. This interim financial report contains condensed consolidated financial statements and selected explanatory notes. The notes include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the 2025 annual financial statements. The condensed consolidated interim financial statements and notes thereon do not include all of the information required for a full set of financial statements prepared in accordance with IFRSs. This interim financial report is unaudited, but has been reviewed by the Audit Committee of the Company. The financial information relating to the financial year ended 31 December 2025 that is included in this interim financial report as comparative information does not constitute the Company’s statutory annual consolidated financial statements for that financial year but is derived from those financial statements. Statutory annual consolidated financial statements for the year ended 31 December 2025 are available from the Company’s registered office. The independent auditors have expressed an unqualified opinion on those financial statements in their report dated 24 March 2026. (2) Changes in accounting policies The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those applied in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2025, except for the adoption of the following amended IFRS Accounting Standards for the first time for the current period’s financial information.
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24 Amendments to IFRS 9 and IFRS 7 Amendments to the Classifications and Measurement of Financial Instruments Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity Annual Improvements to IFRS Accounting Standards –Volume 11 Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 The amended IFRS Accounting Standards are effective from 1 January 2026 did not have any significant impact on the Group accounting policies and the interim condensed consolidated financial information. (3) Revenue and segment reporting (a) Revenue The principal activities of the Group are the manufacturing, sale and trading of clinker and cement products and other materials. Further details regarding the Group’s revenue from principal activities are disclosed below. (i) Disaggregation of revenue (unaudited) Disaggregation of revenue from contracts with customers by major products or service lines is as follows: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (restated) (Note 4(8)) Revenue from contracts with customers within the scope of IFRS 15 Disaggregated by major products or service lines - Sales and trading of clinker and cement products 29,729,775 34,836,860 - Sales and trading of other materials 5,695,565 5,152,379 - Service income 1,501,532 1,447,507 36,926,872 41,436,746 Disaggregation of revenue from contracts with customers by the timing of revenue recognition is disclosed in note 4(3)(b). The Group’s customer base is diversified and there is no single customer with whom transactions have exceeded 10% of the Group’s revenue.
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25 (3) Revenue and segment reporting (continued) (ii) Revenue expected to be recognised in the future arising from contracts with customers in existence at the reporting date (unaudited) The Group has applied the practical expedient in paragraph 121 of IFRS 15 to its revenue contracts such that the above information does not include information about revenue that the Group will be entitled to when it satisfies the remaining performance obligations under the contracts that have an original expected duration of one year or less. The following table shows the amounts of revenue recognised in the current reporting period that were included in the contract liabilities at the beginning of the reporting period: Six months ended 30 June 2026 2025 RMB’000 RMB’000 Revenue recognised that was included in the contract liabilities balance at the beginning of the year: Sales and trading of clinker and cement products 2,923,022 2,569,606 (iii) Performance obligations Information about the Group’s performance obligations is summarised below: Sales of cement, cement products and other materials: the performance obligation is satisfied upon delivery of the products, and payment is generally required in advance or due within 90 to 180 days after delivery. Service revenue: the performance obligation is satisfied over time as services are provided or upon delivery of the services, and payment is generally received based on the progress of the services or upon completion of the services. (b) Segment reporting The Group manages its businesses by divisions, which are organised by a mix of two business lines, cement and cement related business and solid and hazardous waste treatment business, of which cement and cement related business is organised by geography. In a manner consistent with the way in which information is reported internally to the Group’s most senior executive management for the purposes of resource allocation and performance assessment, the Group has presented the following five reportable segments based on the regions in which the Group’s cement and cement related business operates: Eastern China, Central China, Southern China, Western China and overseas. The solid and hazardous waste treatment business is one reportable segment as the performance assessment is based on the results of the solid and hazardous waste treatment business as a whole. No operating segments have been aggregated to form the following reportable segments.
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26 (3) Revenue and segment reporting (continued) (i) Segment results, assets and liabilities For the purposes of assessing segment performance and allocating resources between segments, the Group’s senior executive management monitors the results, assets and liabilities attributable to each reportable segment on the following bases: Segment assets include all assets in the financial statements prepared in accordance with Accounting Standards for Business Enterprises or referred to as China Accounting Standards (“CAS”) issued by the Ministry of Finance of the PRC. Segment liabilities include all liabilities in the financial statements prepared in accordance with CAS. Revenue and expenses are allocated to the reportable segments with reference to sales generated by those segments and the expenses incurred by those segments or which otherwise arise from the depreciation or amortisation of assets attributable to those segments in accordance with CAS. The measure used for reporting segment profit is profit before taxation in accordance with CAS. In addition to receiving segment information concerning profit before taxation, management is provided with segment information concerning revenue (including inter-segment revenue), interest income and expense from cash balances and borrowings managed directly by the segments, depreciation, amortisation and impairment losses and additions to non-current segment assets used by the segments in their operations. Inter-segment revenue are priced with reference to prices charged to external parties for similar orders. Disaggregation of revenue from contracts with customers by the type and timing of revenue recognition, as well as information regarding the Group’s reportable segments as provided to the Group’s most senior executive management for the purposes of resource allocation and assessment of segment performance for the six months ended 30 June 2026 and 30 June 2025 is set out below.
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27 (3) Revenue and segment reporting (continued) For the six months ended 30 June 2026 (unaudited) Cement and cement related Solid and hazardous waste treatment Elimination Total Eastern China Central China Southern China Western China Overseas Elimination Subtotal RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Disaggregated by type of business Sales and trading of clinker and cement products 8,651,890 6,880,198 5,306,662 5,147,466 3,743,559 - 29,729,775 - - 29,729,775 Sales and trading of other materials 917,061 4,208,560 209,193 292,579 39,963 - 5,667,356 28,209 - 5,695,565 Service income 140,182 599,315 59,600 41,489 3,043 - 843,629 657,903 - 1,501,532 Revenue from external customers 9,709,133 11,688,073 5,575,455 5,481,534 3,786,565 - 36,240,760 686,112 - 36,926,872 Disaggregated by timing of revenue recognition Point in time 9,674,802 11,519,602 5,573,105 5,469,578 3,783,522 - 36,020,609 28,209 - 36,048,818 Over time 34,331 168,471 2,350 11,956 3,043 - 220,151 657,903 - 878,054 Revenue from external customers 9,709,133 11,688,073 5,575,455 5,481,534 3,786,565 - 36,240,760 686,112 - 36,926,872 Inter-segment revenue 2,313,954 9,363,867 242,663 155,750 67,503 (12,143,737) - 78,881 (78,881) - Reportable segment revenue 12,023,087 21,051,940 5,818,118 5,637,284 3,854,068 (12,143,737) 36,240,760 764,993 (78,881) 36,926,872 Reportable segment profit (profit before taxation) 429,206 4,272,803 340,295 285,805 59,872 (2,056,527) 3,331,454 (66,135) - 3,265,319
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28 (3) Revenue and segment reporting (continued) For the six months ended 30 June 2026 (unaudited) Cement and cement related Solid and hazardous waste treatment Elimination Total Eastern China Central China Southern China Western China Overseas Elimination Subtotal RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Interest income 5,902 810,247 12,383 7,435 40,586 (195,564) 680,989 1,419 - 682,408 Interest expense (5,916) (155,448) (12,374) (17,403) (155,880) 95,804 (251,217) (50,738) - (301,955) Depreciation and amortisation for the period (269,594) (1,834,582) (618,818) (821,280) (365,221) - (3,909,495) (238,143) - (4,147,638) Reportable segment assets (including interests in associates and joint ventures) 17,517,570 221,734,884 37,872,688 30,419,655 18,364,111 (82,771,001) 243,137,907 9,326,359 - 252,464,266 Investments in associates and joint ventures - 4,871,157 - - 3,611,162 - 8,482,319 35,990 - 8,518,309 Additions to non-current segment assets during the period 345,150 1,362,173 895,868 361,923 87,648 - 3,052,762 117,598 - 3,170,360 Reportable segment liabilities 6,726,639 42,996,976 20,274,592 9,765,699 13,253,133 (48,293,230) 44,723,809 5,807,825 - 50,531,634
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29 (3) Revenue and segment reporting (continued) For the six months ended 30 June 2025 (unaudited) (restated) Cement and cement related Solid and hazardous waste treatment Elimination Total Eastern China Central China Southern China Western China Overseas Elimination Subtotal RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Disaggregated by type of business Sales and trading of clinker and cement products 10,366,462 9,126,558 6,165,954 6,285,038 2,892,848 - 34,836,860 - - 34,836,860 Sales and trading of other materials 1,428,212 3,235,439 243,655 167,517 40,643 - 5,115,466 36,913 - 5,152,379 Service income 31,696 706,602 7,879 9,881 6,973 - 763,031 684,476 - 1,447,507 Revenue from external customers 11,826,370 13,068,599 6,417,488 6,462,436 2,940,464 - 40,715,357 721,389 - 41,436,746 Disaggregated by timing of revenue recognition Point in time 11,796,071 12,865,345 6,413,975 6,461,663 2,933,491 - 40,470,545 36,913 - 40,507,458 Over time 30,299 203,254 3,513 773 6,973 - 244,812 684,476 - 929,288 Revenue from external customers 11,826,370 13,068,599 6,417,488 6,462,436 2,940,464 - 40,715,357 721,389 - 41,436,746 Inter-segment revenue 2,986,012 10,886,475 247,757 92,455 174,900 (14,352,153) 35,446 55,795 (91,241) - Reportable segment revenue 14,812,382 23,955,074 6,665,245 6,554,891 3,115,364 (14,352,153) 40,750,803 777,184 (91,241) 41,436,746 Reportable segment profit (profit before taxation) 729,649 5,912,730 836,652 465,482 231,501 (2,237,232) 5,938,782 (35,487) - 5,903,295
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30 (3) Revenue and segment reporting (continued) For the six months ended 30 June 2025 (unaudited) (restated) Cement and cement related Solid and hazardous waste treatment Elimination Total Eastern China Central China Southern China Western China Overseas Elimination Subtotal RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Interest income 9,445 1,142,491 3,631 9,019 43,545 (209,014) 999,117 2,964 - 1,002,081 Interest expense (4,031) (124,798) (14,031) (20,898) (208,690) 100,873 (271,575) (60,902) - (332,477) Depreciation and amortisation for the period (265,065) (1,848,797) (614,778) (998,455) (353,054) - (4,080,149) (220,240) - (4,300,389) Reportable segment assets (including interests in associates and joint ventures) 18,088,085 222,506,177 39,566,828 29,465,202 20,773,070 (86,914,889) 243,484,473 10,247,639 - 253,732,112 Investments in associates and joint ventures - 4,113,371 - - 3,700,275 - 7,813,646 72,749 - 7,886,395 Additions to non-current segment assets during the period 135,907 6,409,222 845,564 374,076 123,372 - 7,888,141 64,828 - 7,952,969 Reportable segment liabilities 8,342,443 44,148,892 20,194,937 10,361,855 16,550,368 (53,686,052) 45,912,443 6,269,560 - 52,182,003
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31 (3) Revenue and segment reporting (continued) (ii) Reconciliations of reportable segment revenues, profit or loss, assets and liabilities (unaudited) Six months ended 30 June 2026 2025 RMB’000 RMB’000 (restated) (Note 4(8)) Revenue Reportable segment revenue 49,149,490 55,880,140 Inter-segment revenue (12,222,618) (14,443,394) Consolidated revenue 36,926,872 41,436,746 Profit Reportable segment profit (profit before taxation) 5,321,845 8,140,527 Inter-segment profit (2,056,527) (2,237,232) Differences between CAS and IFRS* 193,866 264,986 Consolidated profit before taxation 3,459,184 6,168,281 Six months ended 30 June 2026 2025 RMB’000 RMB’000 (restated) (Note 4(8)) Assets Reportable segment assets 335,235,267 340,647,001 Inter-segment assets (82,771,001) (86,914,889) Consolidated total assets 252,464,266 253,732,112 Liabilities Reportable segment liabilities 98,824,864 105,868,055 Inter-segment liabilities (48,293,230) (53,686,052) Difference between CAS and IFRS* 22,779 34,239 Consolidated total liabilities 50,554,413 52,216,242 * The difference mainly arises from deferred income in respect of certain government grants recognised in profit and loss under IFRS and special reserve recognised under CAS.
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32 (4) Other income (unaudited) Six months ended 30 June 2026 2025 RMB’000 RMB’000 (restated) (Note 4(8)) Interest income on financial assets measured at amortised cost 682,408 1,002,081 Subsidy income* 321,751 438,449 Net loss on disposal of property, plant and equipment (9,604) (11,611) Net realised and unrealised (loss) / gain on financial assets measured at FVPL 206,740 (65,944) Dividend income from financial assets measured at FVPL 5,643 7,407 Dividend income from financial assets measured at FVOCI 29,042 67,143 Net foreign exchange loss (606,036) (165,633) Others 10,560 (49,313) 640,504 1,222,579 * Subsidy income mainly comprised refunds of value-added tax in connection with sales of certain cement products and government grants received. (5) Profit before taxation Profit before taxation is arrived at after charging: (a) Finance costs (unaudited) * The borrowing costs have been capitalized at rate of 1.80%~2.85% for the six months ended 30 June 2026 (six months ended 30 June 2025: 2.20%~3.85%). Six months ended 30 June 2026 2025 RMB’000 RMB’000 Interest on bank loans and other borrowings 333,395 363,778 Interest on lease liabilities 5,864 6,063 Interest expense on financial liabilities not at FVPL 339,259 369,841 Less: interest expense capitalised into construction-in-progress* (37,304) (37,364) 301,955 332,477
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33 (5) Profit before taxation (continued) (b) Staff costs (unaudited) Six months ended 30 June 2026 2025 RMB’000 RMB’000 (restated) (Note 4(8)) Salaries, wages and other benefits 3,305,281 3,897,488 Contributions to defined contribution retirement plans 423,568 419,677 Annuity 164,100 160,497 3,892,949 4,477,662 Employees of the Group’s PRC subsidiaries are required to participate in a defined contribution retirement plans administered and operated by the local municipal government. The Group’s PRC subsidiaries contribute funds which are calculated on certain percentages of the average employee salary as agreed by the local municipal government to the plan to fund the retirement benefits of the employees. The Group’s contributions to the defined contribution retirement plans are expensed as incurred and not reduced by contributions forfeited by those employees who leave the plans prior to vesting fully in the contributions. The Group has no other material obligation for the payment of retirement benefits associated with the scheme beyond the annual contributions described above. (c) Other items (unaudited) Six months ended 30 June 2026 2025 RMB’000 RMB’000 (restated) (Note 4(8)) Depreciation of investment property and other property, plant and equipment 3,619,119 3,798,952 Amortisation of intangible assets 528,519 501,437 Cost of inventories* 28,650,491 29,788,039 * Cost of inventories included staff costs and depreciation expenses which amount is also included in the respective total amounts disclosed separately above or in note 4(5)(b) for each of these types of expenses.
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34 (6) Income tax (unaudited) Taxation in the consolidated statement of profit or loss represents: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (restated) (Note 4(8)) Current tax Provision for the period 771,413 1,489,088 771,413 1,489,088 Deferred tax Origination and reversal of temporary differences 29,380 (36,643) 800,793 1,452,445 No provision for Hong Kong Profits Tax was made for the six months ended 30 June 2026 and 2025 as the Group did not earn any income which is subject to Hong Kong Profits Tax. The Company and the Group’s subsidiaries in the Chinese Mainland are generally subject to Corporate Income Tax at 25% on taxable income determined according to the PRC income tax laws, except for: Subsidiaries’ Name Tax rate Pingliang Conch Cement Co., Ltd. (Note (i)) 15% Dazhou Conch Cement Co., Ltd. (Note (i)) 15% Guangyuan Conch Cement Co., Ltd. (Note (i)) 15% Liquan Conch Cement Co., Ltd. (Note (i)) 15% Guiyang Conch Panjiang Cement Co., Ltd. (Note (i)) 15% Guiding Conch Panjiang Cement Co., Ltd. (Note (i)) 15% Chongqing Conch Cement Co., Ltd. (“Chongqing Conch”) (Note (i)) (Note (ii)) 15% Zunyi Conch Panjiang Cement Co., Ltd. (Note (i)) 15% Qianyang Conch Cement Co., Ltd. (Note (i)) 15% Bazhong Conch Cement Co., Ltd. (Note (i)) 15% Wenshan Conch Cement Co., Ltd. (Note (i)) 15% Shuicheng Conch Panjiang Cement Co., Ltd. (Note (i)) 15% Linxia Conch Cement Co., Ltd. (Note (i)) 15% Guizhou Liukuangruian Cement Co., Ltd. (Note (i)) 15%
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35 Subsidiaries’ Name (continued) Tax rate Qianxian Conch Cement Co., Ltd. (Note (i)) 15% Qianxinan Resource Development Co., Ltd. (Note (i)) 15% Tengchong Tengyue Cement Co., Ltd. (Note (i)) 15% Liangping Conch Cement Co., Ltd. (“Liangping Conch”) (Note (i)) (Note (ii)) 15% Tongren Conch Panjiang Cement Co., Ltd. (Note (i)) 15% Yunnan Zhuangxiang Cement Co., Ltd. (Note (i)) 15% Baoji Zhongxi Fenghuangshan Cement Co., Ltd. (Note (i)) 15% Baoji Zhongxi Jinlinghe Cement Co., Ltd. (Note (i)) 15% Guangxi Lingyun Tonghong Cement Co., Ltd. (Note (i)) 15% Baoshan Conch Cement Co., Ltd. (Note (i)) 15% Hami Hongyi Building Material Co., Ltd. (Note (i)) 15% Yingjiangyunhan Cement Co., Ltd. (Note (i)) 15% Ganzhou Conch Cement Co., Ltd. (Note (i)) 15% Shaanxi Tongchuan Fenghuang Building Material Co., Ltd. (Note (i)) 15% Zunyi Haihui New Materials Co., Ltd. (Note (i)) 15% Bazhong Conch Building Material Co., Ltd. (Note (i)) 15% Naimanqi Hongji Cement Co., Ltd. (Note (i)) 15% Chongqing Fuling Conch Building Materials Co., Ltd. (Note (i)) 15% Guangyuan Conch New Materials Co., Ltd. (Note (i)) 15% Guiyang Conch Green Building Materials Co., Ltd. (Note (i)) 15% Certain subsidiaries of Conch Environment Protection (Note (i)) (Note (ii)) 15% Anhui Wuhu Conch Construction and Installation Engineering Co., Ltd. (“Conch Construction”) (Note (ii)) 15% Anhui Conch Siam Refractory Material Co., Ltd. (“Refractory Material”) (Note (ii)) 15% Anhui Jinggong Testing and Inspection Center Co., Ltd. (“Jinggong Testing”) (Note (ii)) 15% Anhui Haibo Intelligent Technology Co., Ltd. (“Haibo Intelligent”) (Note (ii)) 15% Shanghai Zhizhi Technology Co., Ltd. (“Shanghai Zhizhi”) (Note (ii)) 15%
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36 Subsidiaries’ Name (continued) Tax rate Anhui Conch Zhongnan Intelligent Robot Co., Ltd. (“Zhongnan Intelligent”) (Note (ii)) 15% Anhui Conch Information Technology Engineering Co., Ltd. (“Conch IT Engineering”) (Note (ii)) 15% Xiangshan Conch Cement Co., Ltd. (“Xiangshan Conch”) (Note (ii)) 15% Yangchun Conch Cement Co., Ltd. (“Yangchun Conch”) (Note (ii)) 15% Anhui Zhizhi Engineering Technology Co., Ltd. (“Anhui Zhizhi”) (Note (ii)) 15% Long'an Conch Cement Co., Ltd. (“Long’an Conch”) (Note (ii)) 15% Conch Design Institute (Note (ii)) 15% Liuzhi Conch Yixin Green New Building Materials Co., Ltd. (Note (i)) 15% Basu Conch Cement Co., Ltd. (Note (i)) 15% Yili Conch Cement Co., Ltd. (Note (i)) 15% Moyu Conch Cement Co., Ltd. (Note (i)) 15% Yutian Conch Cement Co., Ltd. (Note (i)) 15% Yili Conch Environmental Protection Technology Co., Ltd. (Note (i)) 15% Anhui Conch New Energy Co., Ltd. (“Conch New Energy”) (Note (ii)) 15% Xuancheng Conch Building Photovoltaic Technology Co., Ltd. (“Xuancheng Photovoltaic”) (Note (ii)) 15% Tongliao Conch New Energy Co., Ltd. (Note (i)) 15% Hainan Changjiang Conch Cement Co., Ltd. (Note (v)) 15% Changjiang Conch Huangsheng Plastic Packaging Co., Ltd. (Note (v)) 15% Zhuhai Haizhong Trading Co., Ltd. (Note (vi)) 15% Notes: (i) Pursuant to Notice No.23 issued by the Ministry of Finance, State Administration of Taxation, National Development and Reform Commission of the PRC on 23 April 2020 and relevant local tax authorities’ notices, these companies are entitled to a preferential income tax rate of 15% as qualifying companies located in western areas in the PRC. (ii) Pursuant to Chapter 28 of the Law of the PRC on Enterprise Income Tax, nationally supported enterprises recognised as high and new technology enterprises are entitled to a preferential income tax rate of 15%. Conch Construction obtained a high and new technology enterprise certification in 2015 and obtained a renewed certification in 2024. Accordingly, it was entitled to a preferential income tax rate of 15% from 2024 to 2026.
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37 Refractory Material obtained a high and new technology enterprise certification in 2019 and obtained a renewed certification in 2025. Accordingly, it was entitled to a preferential income tax rate of 15% from 2025 to 2027. Jinggong Testing obtained a high and new technology enterprise certification in 2021 and obtained a renewed certification in 2024. Accordingly, it was entitled to a preferential income tax rate of 15% from 2024 to 2026. Haibo Intelligent obtained a high and new technology enterprise certification in 2022 and obtained a renewed certification in 2025. Accordingly, it was entitled to a preferential income tax rate of 15% from 2025 to 2027. Shanghai Zhizhi obtained a high and new technology enterprise certification in 2022 and obtained a renewed certification in 2025. Accordingly, it was entitled to a preferential income tax rate of 15% from 2025 to 2027. Zhongnan Intelligent obtained a high and new technology enterprise certification in 2022 and obtained a renewed certification in 2025. Accordingly, it was entitled to a preferential income tax rate of 15% from 2025 to 2027. Conch IT Engineering obtained a high and new technology enterprise certification in 2021 and obtained a renewed certification in 2024. Accordingly, it was entitled to a preferential income tax rate of 15% from 2024 to 2026. Xiangshan Conch obtained a high and new technology enterprise certification in 2024. Accordingly, it was entitled to a preferential income tax rate of 15% from 2024 to 2026. Yangchun Conch obtained a high and new technology enterprise certification in 2024. Accordingly, it was entitled to a preferential income tax rate of 15% from 2024 to 2026. Anhui Zhizhi obtained a high and new technology enterprise certification in 2024. Accordingly, it was entitled to a preferential income tax rate of 15% from 2024 to 2026. Liangping Conch obtained recognition as high tech enterprise in October 2023 and has been eligible for a preferential tax rate of 15% since 2023, with a validity period of three years. Chongqing Conch obtained a high and new technology enterprise certification in 2024. Accordingly, it was entitled to a preferential income tax rate of 15% from 2024 to 2026. Long’an Conch obtained a high and new technology enterprise certification in 2025. Accordingly, it was entitled to a preferential income tax rate of 15% from 2025 to 2027. Conch New Energy obtained a high and new technology enterprise certification in 2024. Accordingly, it was entitled to a preferential income tax rate of 15% from 2024 to 2026. Xuancheng Photovoltaic obtained a high and new technology enterprise certification in 2025. Accordingly, it was entitled to a preferential income tax rate of 15% from 2025 to 2027. Conch Design Institute obtained a high and new technology enterprise certification in 2025. Accordingly, it was entitled to a preferential income tax rate of 15% from 2025 to 2027. (iii) According to Caishui [2023] No.12, “The Announcement of Further Implementation of Inclusive Tax Relief Policy on Small-scaled Minimal Profit Enterprise and Individual Business” issued by Ministry of Finance of the PRC and the State Administration of Taxation of PRC, the policy of calculating the taxable income of small-scaled minimal profit enterprises with a reduced tax rate of 25%, and paying the income tax at a tax rate of 20%, was extended to December 31, 2027. (iv) According to Article 27 of the Law of the PRC on Enterprise Income Tax, the income from investment and operation of public infrastructure projects supported by the State can enjoy preferential tax policy. As further explained by Article 87 of Regulations on the Implementation of Enterprise Income Tax, public infrastructure
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38 projects supported by the state refers to the ports, airports, railways, highways, urban public transportation, electric power, water conservancy and other projects stipulated in the Catalogue of Enterprise Income Tax Preferential for Public Infrastructure Projects. The preferential policy allows full exemption from PRC income tax for the first three years starting from the initial year of production and operation and 50% of the standard tax rates will be levied for the following three years. (v) According to the Notice on Continuing the Implementation of Preferential Policies for Enterprise Income Tax in Hainan Free Trade Port (Cai Shui [2025] No. 3), from January 1, 2025 to 31 December, 2027, encouraged industrial enterprises registered in Hainan Free Trade Port and operating substantially will be subject to a reduced corporate income tax rate of 15%. (vi) According to Caishui [2022] No. 19, “The Notice of the Ministry of Finance and the State Administration of Taxation on the Preferential Policies for Enterprise Income Tax in the Hengqin Guangdong Macao Deep Cooperation Zone” issued by the Ministry of Finance and the State Administration of Taxation, enterprises located in the Hengqin Guangdong Macao Deep Cooperation Zone and engaged in the industries listed in the "Hengqin Guangdong Macao Deep Cooperation Zone Enterprise Income Tax Preferential Catalogue" (2021 version) and are in actual operation will be subject to a reduced corporate income tax rate of 15%. The corporate income tax rates of the subsidiaries outside mainland China are as following: Subsidiaries’ Name Tax rate Conch International Holdings (HK) Limited, a subsidiary in Hong Kong 16.5% Luangprabang Conch Cement Co., Ltd., a subsidiary in Laos 20% Vientian Conch Cement Co., Ltd., a subsidiary in Laos 20% Conch Cement Volga Limited Liability Company, a subsidiary in Russia 25% Conch KT Cement (Phnom Penh) Company Limited (“Phnom Penh Conch”), a subsidiary in Cambodia (note (i)) - Battambang Conch Cement Company Limited, a subsidiary in Cambodia 20% PT Conch Cement Indonesia, a subsidiary in Indonesia 22% PT Conch South Kalimantan Cement, a subsidiary in Indonesia 22% PT Conch International Trade Indonesia, a subsidiary in Indonesia 22% PT Conch Maros Cement Indonesia, a subsidiary in Indonesia 22% PT Conch Barru Cement Indonesia, a subsidiary in Indonesia 22% PT Conch North Sulawesi Cement, a subsidiary in Indonesia 22% PT Conch West Kalimantan Trade Cement, a subsidiary in Indonesia 22% Tonga Conch Mining Co., Ltd., a subsidiary in Indonesia 22%
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39 Subsidiaries’ Name Tax rate West Papua Conch, a subsidiary in Indonesia 22% PT SULUT SOLOG TAMBANG, a subsidiary in Indonesia 22% West Papua Persada, a subsidiary in Indonesia 22% PT.Kalomang Biru Persada, a subsidiary in Indonesia 22% PT Eternal Richway, a subsidiary in Indonesia 22% Qarshi Conch Cement Limited Liability Company, a subsidiary in Uzbekistan 15% Tashkent Conch Cement Joint Venture Co., Ltd., a subsidiary in Uzbekistan 15% Shangfeng Bridge of Friendship Co., Ltd., a subsidiary in Uzbekistan 15% Conch Environment Protection, a company in the Cayman Islands and its subsidiaries in the Cayman Islands and British Virgin Islands (“BVI”) (note (ii)) - Subsidiaries of Conch Environment Protection in Hong Kong 16.5% Myanmar Conch Cement (Mandalay) Co., Ltd., a subsidiary in Myanmar 22% Mauritius Conch (TZ) Limited, a subsidiary in Mauritius 15% Conch Investment Holdings (Hong Kong) Limited, a subsidiary in Hong Kong 16.5% Notes: (i) Phnom Penh Conch has been declared as a qualified investment project by the Cambodian Development Council and can enjoy a maximum income tax preferential period of 9 years according to local investment laws. Among them, the first three years of operation are tax-free, the income tax is levied at 25% of the applicable tax rate (tax rate of 5%) for the fourth to fifth years, 50% of the applicable tax rate (tax rate of 10%) for the sixth to seventh years, 75% of the applicable tax rate (tax rate of 15%) for the eighth to ninth years, and the income tax rate for subsequent years is 20%. Phnom Penh Conch commenced production in 2025 and enjoys a three-year tax exemption starting from 2025. (ii) Pursuant to the rules and regulations of the Cayman Islands and the BVI, these subsidiaries are not subject to any income tax in the Cayman Islands and the BVI.
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40 (7) Earnings per share (a) Basic earnings per share The calculation of basic earnings per share for the six months ended 30 June 2026 is based on the profit attributable to equity shareholders of the Company of RMB2,719,786,000 (six months ended 30 June 2025: RMB4,677,473,000) and the weighted average number of shares in issue during the six months ended 30 June 2026 of 5,276,681,000 shares (six months ended 30 June 2025: 5,277,060,000 shares). (b) Diluted earnings per share The Company had no dilutive potential ordinary shares outstanding during the six months ended 30 June 2026 and 2025, therefore, diluted earnings per share is the same as the basic earnings per share. (8) Business combination Business combination under common control During six months ended 30 June 2026, the Group acquired equity interest of below subsidiaries from related parties. Details of the acquired subsidiaries are as follows: Name of the company Voting rights/ effective equity interests Date of acquisition Principal activities Total cash consideration RMB’000 Conch Power Sales 50% 12 January 2026 Electricity supply 24,400 Conch Design Institute 100% 29 June 2026 Construction engineering design, construction, and surveying 561,580 As Conch Power Sales, Conch Design Institute and the Group are under common control of Conch Holdings before and after the business combination and the control is not transitory, the acquisition of Conch Power Sales and Conch Design Institute was considered as a business combination involving entities under common control.
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41 (8) Business combination (continued) The financial performance previously reported by the Group for the six months ended 30 June 2025 have been restated to include the operating results of the combining entities from the earliest date presented under the control of the ultimate shareholder, regardless of the date of the common control combination, as set out below: The Group RMB’000 (as previously reported) Conch Power Sales RMB’000 Conch Design Institute RMB’000 Inter-company Elimination RMB’000 The Group RMB’000 (restated) Revenue 41,291,785 33,205 206,324 (94,568) 41,436,746 Cost of sales and services rendered (31,399,928) (9,632) (116,849) 75,138 (31,451,271) Gross profit 9,891,857 23,573 89,475 (19,430) 9,985,475 Other income 1,215,408 925 6,246 - 1,222,579 Selling and marketing costs (1,634,828) (228) (2,347) 28 (1,637,375) Administrative expenses (2,713,150) (129) (11,250) 3,853 (2,720,676) Research and development costs (308,663) - (23,779) - (332,442) Impairment loss on trade receivables (4,854) - - - (4,854) Impairment loss on property, plant and equipment and prepayments (296,657) - - - (296,657) Profit from operations 6,149,113 24,141 58,345 (15,549) 6,216,050 Finance costs (332,477) - - - (332,477) Share of profits of associates 184,788 - - - 184,788 Share of profits of joint ventures 99,920 - - - 99,920 Profit before taxation 6,101,344 24,141 58,345 (15,549) 6,168,281 Income tax (1,440,813) (6,434) (8,266) 3,068 (1,452,445) Profit for the period 4,660,531 17,707 50,079 (12,481) 4,715,836
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42 (8) Business combination (continued) The Group RMB’000 (as previously reported) Conch Power Sales RMB’000 Conch Design Institute RMB’000 Inter-company Elimination RMB’000 The Group RMB’000 (restated) Other comprehensive income for the period (after tax and reclassification adjustments): Item that will not be reclassified to profit or loss: Equity investments at FVOCI - net movement in fair value reserve (non-recycling) 251,475 - - - 251,475 Items that may be reclassified subsequently to profit or loss: Exchange differences on translation of financial statements of overseas subsidiaries 50,794 - - - 50,794 Shares of other comprehensive income of investees (31,368) - - - (31,368) Other comprehensive income for the period 270,901 - - - 270,901 Total comprehensive income for the period 4,931,432 17,707 50,079 (12,481) 4,986,737 Attributable to: Equity shareholders of the Company 4,900,642 8,853 50,079 (12,481) 4,947,093 Non-controlling interests 30,790 8,854 - - 39,644 Total comprehensive income for the period 4,931,432 17,707 50,079 (12,481) 4,986,737
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43 (8) Business combination (continued) The financial position previously reported by the Group as at 31 December 2025 has been restated to include the assets and liabilities of the combining entities recognized at the carrying value based on the controlling shareholder’s financial statements (i.e. Conch Holdings) as set out below: The Group RMB’000 (as previously reported) Conch Power Sales RMB’000 Conch Design Institute RMB’000 Inter-company Elimination RMB’000 The Group RMB’000 (restated) Non-current assets Property, plant and equipment - Investment properties 63,351 - - - - - - 63,351 - Other property, plant and equipment 107,820,919 846 5,277 (189,077) 107,637,965 Intangible assets 28,961,499 - - 5,149 (75) 28,966,573 Goodwill 1,241,748 - - - - - - 1,241,748 Interest in associates 5,828,789 - - - - - - 5,828,789 Interests in joint ventures 2,152,615 - - - - - - 2,152,615 Loans and receivables 416,088 - - - - - - 416,088 Long-term prepayments 1,473,047 - - (1) 1,473,046 Financial assets measured at FVOCI 1,416,434 - - - 1,416,434 Deferred tax assets 1,744,279 - 1,285 42,164 1,787,728 Time deposits 15,990,824 - - - 15,990,824 Amounts due from related parties 86,380 - - (19,823) 66,557 167,195,973 846 11,711 (166,812) 167,041,718 Current assets Inventories 7,596,948 - - - 7,596,948 Other financial assets 2,706,382 - - - 2,706,382 Trade and bills receivables 10,185,968 8,253 181,125 - 10,375,346 Time deposits 1,369,409 - - - 1,369,409 Financial assets measured at FVPL 12,899,353 - 100,608 - 12,999,961 Prepayments and other receivables 3,199,652 54 21,827 - 3,221,533 Amounts due from related parties 168,005 - 38,686 (48,275) 158,416 Tax recoverable 426,786 - - - 426,786 Restricted cash deposits 855,811 4,500 - - 860,311 Bank deposits with original maturity over three months 38,720,326 - - - 38,720,326 Cash and cash equivalents 10,676,117 22,256 319,217 - 11,017,590 88,804,757 35,063 661,463 (48,275) 89,453,008
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44 (8) Business combination (continued) The Group RMB’000 (as previously reported) Conch Power Sales RMB’000 Conch Design Institute RMB’000 Inter-company Elimination RMB’000 The Group RMB’000 (restated) Current liabilities Trade and bills payables 5,098,970 6,718 133,507 - 5,239,195 Other payables and accruals 11,475,883 3,707 46,568 - 11,526,158 Current portion of long-term payables 183,724 - - - 183,724 Current portion of corporate bonds 112,632 - - - 112,632 Contract liabilities 2,915,575 - 7,447 - 2,923,022 Bank loans and other borrowings 6,610,662 - - - 6,610,662 Lease liabilities 30,346 - - - - - 30,346 Amounts due to related parties 785,491 - 91,928 (88,599) 788,820 Current taxation 605,229 - - - 605,229 27,818,512 10,425 279,450 (88,599) 28,019,788 Net current assets 60,986,245 24,638 382,013 40,324 61,433,220 Total assets less current liabilities 228,182,218 25,484 393,724 (126,488) 228,474,938 Non-current liabilities Corporate bonds 12,500,000 - - - 12,500,000 Bank loans and other borrowings 7,018,946 - - - 7,018,946 Lease liabilities 220,156 - - - 220,156 Long-term payables 1,168,719 - - - 1,168,719 Long-term employee benefits payable 55,948 - - - 55,948 Deferred income 1,536,006 - 4,167 - 1,540,173 Deferred tax liabilities 1,860,986 - - - 1,860,986 Provisions 133,514 - - - 133,514 24,494,275 - 4,167 - 24,498,442 NET ASSETS 203,687,943 25,484 389,557 (126,488) 203,976,496
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45 (8) Business combination (continued) The Group RMB’000 (as previously reported) Conch Power Sales RMB’000 Conch Design Institute RMB’000 Inter-company Elimination RMB’000 The Group RMB’000 (restated) CAPITAL AND RESERVES Share capital 5,299,303 2,000 150,000 (152,000) 5,299,303 Reserves 187,105,697 23,484 239,557 12,770 187,381,508 Total equity attributable to equity shareholders of the Company 192,405,000 25,484 389,557 (139,230) 192,680,811 Non-controlling interests 11,282,943 - - 12,742 11,295,685 TOTAL EQUITY 203,687,943 25,484 389,557 (126,488) 203,976,496 The cash flows previously reported by the Group for the six months ended 30 June 2025 have been restated to include the cash flows of the combining entities from the earliest date presented or since the date when combining entities first came under common control, regardless of the date of the common control combination, as set out below: The Group RMB’000 (as previously reported) Conch Power Sales RMB’000 Conch Design Institute RMB’000 Inter-company Elimination RMB’000 The Group RMB’000 (restated) Net cash generated from operating activities 7,985,026 24,200 47,814 (21,276) 8,035,764 Net cash used in investing activities (6,568,436) (15,012) (79,016) 21,276 (6,641,188) Net cash used in financing activities (4,160,725) - (350,000) - (4,510,725) Net (decrease)/increase in cash and cash equivalents (2,744,135) 9,188 (381,202) - (3,116,149) Cash and cash equivalents as at 1 January 2025 16,337,147 23,092 633,649 - 16,993,888 Effect of foreign exchange rate changes (21,841) - - - (21,841) Cash and cash equivalents as at 30 June 2025 13,571,171 32,280 252,447 - 13,855,898
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46 (9) Contingent liabilities On 30 June 2026, the Company provided guarantees for the bank loan of its subsidiaries, with a guarantee amount of RMB392,000,000 (31 December 2025: RMB578,000,000). The Directors believe that the Company will not bear significant risks due to such guarantees. On 30 June 2026, subsidiaries of the Company provided guarantees for subsidiaries within the scope of the Group's consolidated financial statements with a guarantee amount of RMB303,167,000 (31 December 2025: RMB340,290,000). On 30 June 2026, the unexpired balance of the letter of guarantee issued by the Company and its subsidiaries in the bank was RMB2,234,685,000 (31 December 2025: RMB 2,291,491,000). By Order of the Board Anhui Conch Cement Company Limited Chairman Yang Jun Wuhu City, Anhui Province, the PRC 26 August 2026 As at the date of this announcement, the Board comprises (i) Mr. Yang Jun, Mr. Zhu Shengli, Mr. Li Qunfeng, Mr. Yu Shui and Mr. Wu Tiejun as executive Directors; (ii) Mr. Qu Wenzhou, Ms. Ho Shuk Yee, Samantha and Ms. Han Xu as independent non-executive Directors; (iii) Mr. Weng Changyi as staff Director.