山水水泥2025中期报告

(I). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2(II). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4(III). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6(IV). . . . . . . . . . . . . . . . . . . . . . . . . . .7(V). . . . . . . . . . . . . . . .25(VI). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31(VII). . . . . . . . . . . . . . . . . . . . .45(VIII). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79 • 2 0 2 52025112025630Pioneer CementChina Pioneer Cement (Hong Kong) Company LimitedContinental CementContinental Cement CorporationAmerican ShanshuiAmerican Shanshui Development Inc.CSIChina Shanshui Investment Company Limited (I) . (II) . (1)China Shanshui Cement Group LimitedCSC(2)P.O. Box 31119 Grand Pavilion, Hibiscus Way,802 West Bay Road, Grand Cayman, KY1-1205,Cayman Islands(3)33191912(4)http://www.sdsunnsygroup.com(5)(6)(7)200874(8)(9)00691(10)(11)183171712–1716(12)(13) . . (IV) 1. 2025 . 202520258.154.3%5.7 20254.6%0.84.6711.2%1.163.339.1%3.0420%5.026.2% 1. . 2025 . 2025CCA1-63865.4%20630 (IV) 1. . 2025150-160116-72025 . 20251-52162.2%101365% 2025 (IV) 2. 20256309,6935,2132,010 5,553,891,00015.4% 20243,930,0001,107,00018.2%36.6%2024447,00039.2% 202417.426.87%13.1%202435.211.5% 20251-6129,1552024228,9790.7%20241.1% (IV) 2. (2) 16,47518.4%1,19915.1% 2. (3) (IV) 2. 85.7%4.82.15.70.31.31.9 202516875.218.9%709.9202516202416114.3109.1202516202416100.022.5%77.5 2. 20256306796,597,0002024623,376,00014.3%20249.5% 82,755,00068,540,000 9,618,0003,621,000 133,209,000112,724,00015.4% 558,034,000475,378,00014.8% (IV) 2. 90,486,00086,325,0004.6% 21,147,00033,902,00058.3% 304,432,000312,204,000 3. 20256300.8%29,986,308,0002024123130,222,319,0001.7%17,882,523,0002024123118,192,206,000202563014.2%2024123114.8%202563020241231 2025630 (IV) 3. 20256305,014,960,0002024350,500,0003,869,470,00077.2%2025630440,000,000 20256301,546,280,000 16 3. 315,346,000 2025630 20256 30691,971,0002024393,862,00036.3%2025630896,783,000 (IV) 3. 674,814,000465,101,000 295,507,000223,037,000 496,731,000971,225,000 (IV) 3. 2025630 2025630 202563016 202563024 (IV) 3. 4. 20244.6%11.2%4.3%8.156P-O42.530 (IV) 4. 4. 5G 5. 202563013,979 (V) . 2025630100,000,00010,000,000,0000.01 20256304,353,966,228 . (1) 2025630XV23336 (V) . (1) (1)L(2a)70%30%(2b)2016322791,000,00020216822019425201937160,462,00020227252023327220222242023220951,462,000951,462,000(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)20256304,353,966,228 (V) . (1) 2025630XV23336 (2) 2025630XV78352C3 . (V) . 2008614 10%260,336,000260,336,000 20115257,400,0007.832015127163,700,000CSI20,000,00023,600,0003.68 2015593HCMP593/2015CSI20152.073CSICSI2016162015817282015127 43,600,000 20115257,400,00017.03(3)1 2015127163,700,000400,000202489,900,00017.03(3)1 (V) . (1)17.03A 89,900,00020251272025630 (i)(ii)(iii)(iv)(v) (V) . 202311 1.2.3. 121% 201152520115251020151276201512710 (i)(ii)5(iii) 1.00 200874201874 . 1. 2018FSD1612019FSD93 2019642019527(i)20188820189320181030(ii) 2022712022914 2022101120221223 202012172020826 2021127 1. 2018FSD1612019FSD93 20213192021716(i)20188893(ii)20181030(iii)201881 202252320221122202323202310 17202310 26202310 30202227202449 20221128202252720181011202322420232242023331202112312025226 20189420189202018101220181016201810 232018102920181114201812132019118201912220192152019321201941201941720196520199172020219202047202132420223212022852023227202331520234320241115 2. 20152880202091 201512420151217Pioneer Cement5 (1)(2) 20151224122016181211 201647 20161142016117 20161118201767 2017529 2. 20152880202091 20176132017918 2017929 20184 1920194152019418 2019717202141923202142630202153720215 101420215 171820215 242820215 31202161420216711202161518202055 202031124,000,000202048CACV 91/2020 202061120206122020730202093 202111124,000,000130,000,0002021120202034202141 2. 20152880202091 20201111 2021225202152021 20214142021415 (1)2018327201853 (2)20187132018720121201810 20214 19232630202153467101417182124262831202161471517 202551220258294214 2. 2019548 2019329China PioneerCement (Hong Kong) Company Limited (a)20152018 (b) 2019814(i)(ii)FSD161/20182020127 20244252023101354854820254301013101320258 2019329 2. 20231013 2023718China Pioneer Cement (Hong Kong) Company LimitedPioneer202362820231013 Pioneer2023718 2024132015201820195482024425201954810132019548 20242282019548101310131013202543054820258 3. 4. 2514A ()202563014A 20244172024 (a) 20244172024612025531 (b) 20244172024612025531 (c) 20244172024612025531 4. (d) 20244172024612025531 20244172024612025531 202420244172024429 20242025531 4. 202420255312024202542520242025 (a) 2025425202561202653