山水水泥2024中期报告

(I). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2(II). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4(III). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6(IV). . . . . . . . . . . . . . . . . . . . . . . . . . . .7(V). . . . . . . . . . . . . . . . .23(VI). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29(VII). . . . . . . . . . . . . . . . . . . . . . .39(VIII). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72 CSI ( I ) 5710.0120235 25 . 202485202453120245312024531 20245312024531 2024852024531202453120245312024531202485 (II) . (1)China Shanshui Cement Group LimitedCSC(2)Third Floor, Century Yard, Cricket Square,P.O. Box 902, Grand Cayman, KY1-1103,Cayman Islands(3)3485(4)http://www.sdsunnsygroup.com(5)(6)(7)200874(8)(9)00691(10)(11)183171712–1716(12)(13) . . 1. 2024 2024152,52910.1%38,02323.7%5.4% 202420248.510%120112010 1. 20232022 20243675413% CCA (IV) 2. 20246309,7735,0121,910 6,566,739,00025.8% 20231,545,000838,0006.7%21.7%2023356,00023.8% 2. (1) 202356.248.384.018.5%19.1%21.6% 20241-6228,9792023338,4541.1%20231.5% 20,1916.6%1,4138.0% 2. (3) 2. 90.5%4.20.20.30.51.13.1 2024161,029.215.0%875.2202416202316118.3114.3202416202316121.817.9%100.0 (IV) 2. 20246306623,376,00020231,212,786,0009.5%202313.7% 95,466,00082,755,000 78,356,0009,618,000 142,057,000133,209,0006.2% 614,339,000558,034,0009.2% (IV) 2. 118,699,00090,486,00023.8% 145,284,00021,147,00085.3% 616,636,0002023307,916,000 (IV) 3. 20246300.8%31,006,529,0002023123130,773,414,0003.4%17,784,447,0002023123118,403,364,00020246 3014.8%2023 12 3113.5%202463020231231 2024630 3. 20246 305,521,260,0002023388,803,0003,871,050,00070.1%2024630230,000,000 20246 302,095,935,000 16 (IV) 3. 571,386,000 2024630 2024630719,988,0002023555,941,00043.6%2024630854,040,000 3. 209,713,00088,326,000 518,544,00067,739,000 474,494,000715,574,000 (IV) 3. 20243 1926,295,00070%621 202463016 202463024 3. (IV) 4. 4. 5. 202463015,149 (V) . 2024630100,000,00010,000,000,0000.01 20246304,353,966,228 . (1) 20246 30XV23336 (V) . (1) (1)L(2a)70%30%(2b)20163 22791,000,00020216 822019425201937160,462,00020227252023327220222242023220951,462,000951,462,000(3)201411182CSI(4)428,393,000Yu Yuan InvestmentCorporation Limited317142,643,000(5)317(6)(7)Shen Neng International SPC – Green Planet SPShen Neng Investment Management Limited(8)20246304,353,966,228 (V) . (1) 2024630XV23336 (2) 2024630XV78352C3 . (V) . 2008614 10%260,336,000260,336,000 20115 257,400,0007.832015127163,700,000CSI20,000,00023,600,0003.68 2015593HCMP593/2015CSI20152.073CSICSI20161 62015817282015127 43,600,000 20115 257,400,00017.03(3)1 20151 27163,700,00073,800,00017.03(3)1 2015127 (V) . 170,436,00065.47%4,353,966,2283.91% 89,900,00020246 304,353,966,2282.06% (1)17.03A (i)(ii)(iii)(iv)(v) (V) . 202311 1. 2. 3. 201874 121% 201152520115 251020151276201512710 (i)(ii)5(iii) 1.00 200874201874 . 1. 2018FSD1612019FSD93 2019642019527(i)20188 820189320181030(ii) 2022712022914 202210 11202212 23 202012 172020826 2021127 20213 192021716(i)20188893(ii)20181030(iii)201881 1. 2018FSD1612019FSD93 20225 23202211 2220232 3 202211 2820225 272018101120232 2420232 24202333120211231 202310 1720231026202310 3020247 29 20189 420189202018101220181016201810 2320181029201811142018121320191182019122201921520193212019412019417201965201991720202192020472021324202232120228520232272023315202343 2. 20152880202091 201512 420151217Pioneer Cement5 (1)(2) 2. 20152880202091 201512 24122016181211 201647 20161142016117 201611 1820176 7 20175 29 20176132017918 2017929 20184 1920194152019418 2. 20152880202091 20197 1720214192320214263020215372021510142021517182021524282021531202161420216711202161518202055 20203 1124,000,000202048CACV 91/2020 20206 1120206122020730202093 20211 1124,000,000130,000,0002021120-202034202141 20201111 2021225202152021 20214 142021415- 2. 20152880202091 (1)201832720185 3 (2)20187132018720121201810 2021419232630202153467101417182124262831202161471517 2. 2019548 20193 29China PioneerCement (Hong Kong) Company Limited (a)20152018 (b) 20198 14(i)(ii)FSD161/20182020127 2019329202094 20231013 20237 18China Pioneer Cement (Hong Kong) Company LimitedPioneer2023628 20231013 2. 20231013 Pioneer2023718 20241 32015201820195482024425 20195482019548 202422820195482025430 3. 4. 2514A ()202463014A 20234 21 (a)(b)(c)(d)2023 2023202314A2023421202352 20245 3120232024531 4. 20232024531202320244 172023 (a)2024(b)2024(c)2024(d)20242024 20244172024429 20246 302024 4. 201612 282020 (1)(2)(3) 202463016.35 (1)20207.5089.91(2)20168.5031.345(3)20207.50484.97115%73.473(4)91.22(5)30.4220246309.15 14A.90 (VII) 2 0 2 463 06 (VII) 2 0 2 463 06 (VII) 2 0 2 463 0 (VII) 2 0 2 463 0 (VII) 2 0 2 463 06 (VII) 2 0 2 463 06 (VII) 2 0 2 463 06 1 3434 (i