山水水泥2025年年报

2025年 報 (I). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2(II). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4(III). . . . . . . . . . . . . . . . . . . . . . . . .6(IV). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8(V). . . . . . . . . . . . . . . . . . . . . . . . . . .20(VI). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38(VII). . . . . . . . . . . . . . . .49(VIII). . . . . . . . . . . . . .55(IX). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .65(X). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .94(XI). . . . . . . . . . . . . . . . . . . . . . . . . . . . .102(XII). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .108(XIII). . . . . . . . . . . . . . . . . . .109(XIV). . . . . . . . . . . . . . . . . . . . . . . . . . . . .110(XV). . . . . . . . . . . . . . . . . . . . . . . . . . . . .112(XVI). . . . . . . . . . . . . . . . . . . . . . . . . . . . .113(XVII). . . . . . . . . . . . . . . . . . . . . . . . . . .115 ( I ) ( I ) 5710.012024531 . ( I I ) . (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)() 1. 2. ( I I I ) 3. 4. (1) 200642620079620087400691)100% Pioneer Cement 100%Pioneer Cement100% Pioneer Cement2005 114 20500 ( I V ) (2) #Pioneer Cement(25.49%)(75.00%)(75.00%)(45.00%)(99.00%)(70.00%)(25.00%)(25.00%)(18.10%) (3) ( I V ) ( I V ) ( I V ) ( I V ) 1. 20252025 202516.936.9%20102.6%1.7%5.7%6.8%13% ( V ) 1. CCA2025PO42.5367174.4% 39737534453351767 20253520 202536121.35.6% ( V ) 1. 2025463100 20253575%10 20253554%1-456-891270 V20253491.7%5-67-889091290 ( V ) 1. 20253599%2025 290 ( V ) 2. 11,560,701,00020.3% 20246,810,0002,005,00015.1%29.4%2024577,00025.4%2025 202412.64.547.64.8%2.0%15.9% 2025312,4192024461,4420.8%20241.0% ( V ) 2. (2) 35,74515.2%2,40215.0% ( V ) 2. (3) ( V ) 2. 86.0%0.40.50.41.62.14.2 2025872.018.2%713.620252024114.2106.52025202499.623.7%76.0 ( V ) 2. 20251,624,043,00020242,093,842,00014.0%202414.4% 190,143,000189,362,000 255,434,00039,610,000 279,593,000242,405,00013.3% 1,168,523,0001,073,075,0008.2% ( V ) 2. 215,934,000181,615,00015.9% 125,000,000375,737,000200.6% 1,091,076,0002024189,041,000902,035,000 ( V ) 3. 202512314.9%28,741,818,000202430,222,319,0006.6%16,983,966,000202418,192,206,0002025123114.8%202414.9%20251231202412311,208,240,000 20251231 ( V ) 3. 202512 315,311,060,000202454,400,0004,505,890,00084.8%20251231100,000,000 202512312,027,310,000 2535(b)(iii) ( V ) 3. 493,863,000 20251231 20251231820,387,0002024265,446,00024.4%202512 31800,389,000 ( V ) 3. 991,849,000453,676,000 424,091,000224,867,000 380,443,000408,435,000 ( V ) 3. 2025123125 2025123137 ( V ) 4.2026 (a) 202516.9320106.9%2026 2026202620256% ( V ) 4.2026 (a) 20262025–202620251.62027 2025 (b) 2026 1. ( V ) 4.2026 (b) 2. 3. 4. 5. 20251231 41 2025(IV)(V)20251231 108 20251231 202651520265202026514183171712-1716 ( V I ) 11240 202512312,740,729,000閲40 X1.20181011 202512313,321,00020245,427,000 14 ( V I ) 2025123130%30% 3.13 ( V I ) ( V I ) 20254252025522 13.51B(1) 1.2025610DCH Solargiga GmbH2.2025913Wu Xian Zheng Mindfulness Association ( V I ) 3914A ()2025123114A 2025425202441720242025 (a) 20254252025612026531 (b) 20254252025612026531 (c) 20254252025612026531 ( V I ) (d) 20254252025612026531 20254252025612026531 20254252025612026531 2025123112.94%14A30%14A14A2025 20254252025425 ( V I ) 20242025 3000–740– •••• 14A.55 a. b.c. ( V I ) 201612282020 (1)(2)(3) 2025123116.35 (1)20207.5089.91(2)20168.5031.345(3)20207.50484.97115%73.473(4)91.22(5)30.42202512319.04 14A.90 ( V I ) (X) C2 202634 ( V I I ) . 20251231100,000,00010,000,000,0000.01 202512314,353,966,228 . (1) 20251231XV23336 ( V I I ) . (1) (1)L(2a)70%30%(2b)2016322791,000,00020216822019425201937160,462,00020227252023327220222242023220951,462,000951,462,000(3)201411182China Shanshui Investment Company Limited(4)428,393,000YuYuan Investment Corporation Limited317142,643,000(5)317(6)(7)Shen Neng International SPC – Green Planet SPShen Neng Investment Management Limited(8)202512314,353,966,228 ( V I I ) . (1) 20251231XV23336 (2) 20251231XV78352C3 . 20251231 ( V I I ) . 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 I I ) . (1)17.03A 89,900,000202512720251231 (i)(ii)(iii)(iv)(v) ( V I I ) . 202311 1.2.3. 121% 201152520115251020151276201512710 (i)(ii)5(iii) 1.00 200874201874 . ( V I I I ) 1. (2) (a) 56202485Pioneer Cement