山水水泥2026中期报告

(I). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2(II). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4(III). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6(IV). . . . . . . . . . . . . . . . . . . . . . . . . . .7(V). . . . . . . . . . . . . . . .21(VI). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27(VII). . . . . . . . . . . . . . . . . . . . .43(VIII). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79 (I) 5710.012024531 . (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. 2026 . 2026 22.645.7%2.4%3.8118%2.3223.4%7.368%3.7 . 64.5%4202662%66.9% (IV) 1. . 2026CCA334P.O 42.55214%626 . 202620 ~ 3060% . 202641053.7%939.9534.8%2.2 (IV) 2. 20266309,2954,9701,900 4,074,124,00026.6% 20251,717,0001,275,0009.7%66.4%2025327,00047.1% 202549.831.518.8%13.6%202538.114.1% 20261-6190,5872025129,1551.2%20250.7% 2. (2) 15,0078.9%95020.8% (3) (IV) 2. 88.5%2.82.50.10.31.11.1 202616709.911.9%794.2202616202516109.199.820261620251677.52.2%79.2 (IV) 2. 20266306467,054,0002025796,597,00011.5%202514.3% 68,540,00055,303,000 3,621,0009,951,000 112,724,00098,051,00013.0% 475,378,000648,794,00036.5% 86,325,00085,426,0001.0% 33,902,00019,815,00041.6% (IV) 2. 819,055,000514,623,000 3. 20266301.4%28,327,879,0002025123128,741,818,0005.0%16,140,974,0002025123116,983,966,000202663015.7%2025123114.8%202663020251231 2026630 3. 20266305,451,340,0002025140,280,0004,878,290,00089.5%2026630287,000,000 20266302,595,722,000 16 (IV) 3. 153,879,000 2026630 20266 30709,773,0002025110,614,00013.5%839,172,000 3. 46,917,000627,897,000 110,687,000184,820,000 166,407,000663,138,000 (IV) 3. 2026630 2026630 202663016 202663023 4. (IV) 4. 5G (IV) 5. 20266309,859 (V) . 2026630100,000,00010,000,000,0000.01 20266304,353,966,228 . (1) 2026630XV23336 (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)20266304,353,966,228 (V) . (1) 2026630XV23336 (2) 2026630XV78352C3 . 2026630 (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 2015127163,700,000400,000202489,900,000202517.03(3)1 2026630 (V) . (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 202210112022122320241114 202012172020826 2021127 1. 2018FSD1612019FSD93 20213192021716(i)20188893(ii)20181030(iii)201881 202252320221122202323202310 17202310 26202310 30202227202449 20221128202252720181011202322420232242023331202112312025226 1. 2018FSD1612019FSD93 20251211 2026515(1)(2) 2026612 202651520266122026782026729 (a) (b) (c) 20261012 20189420189202018101220181016201810 23201810292018111420181213201911820191222019215201932120194120194172019652019917202021920204720213 2420223212022852023227202331520234320241115 2. 20152880202091 201512420151217Pioneer Cement5 (1)(2) 20151224122016181211 201647 2. 20152880202091 20161142016117 20161118201767 2017529 20176132017918 2017929 20184 1920194152019418 201971720214192320214263020215372021510142021517182021524282021531202161420216711202161518202055 202031124,000,000202048CACV 91/2020 2. 20152880202091 202061120206122020730202093 202111124,000,000130,000,0002021120-202134202141 20201111 2021225202152021 20214142021415- (1)2018327201853 (2)20187132018720121201810 2. 20152880202091 20214 19232630202153467101417182124262831202161471517 2025512 202511720183192026112 2. 2019548 2019329China PioneerCement (Hong Kong) Company Limited (a)20152018 (b) 2019814(i)(ii)FSD161/20182020127 20259220231013 202641HCA548/2019HCA1013/2023202654202658 2019329202594 2. 20231013 2023718China Pioneer Cement (Hong Kong) Company LimitedPioneer2023628HCA 20231013 Pioneer2023718 2024132015201820195482024425201954810132019548 202422820195481013 20259210131013 202658HCA1013/2023HCA548/2019 3. 4. 2414A 202663014A 202542520242025 (a) 20254252025612026531 (b) 20254252025612026531 4. (c) 20254252025612026531 (d) 20254252025612026531 20254252025612026531 4. (d) 20254252025612026531 202542520254252025521 20252026531 202520265312025202643020252026 (a) 20264302026612027531 (b) 20264302026612027531 4. (c) 20264302026612027531 (d) 202643020