In the first quarter of 2025, operating income was 951 million yuan, up 4.64% from the same period last year; The net profit attributable to shareholders of listed companies is 79.9343 million yuan. Year-on-year growth 447.
1 Background Analysis
of the Overall Situation I. Major Achievements and Development
in the Past Five Years Since 2020, under the guidance of the strategic plan formulated by the board of directors and under the fierce competition in the industry, the company's main business scale has steadily expanded and its position in the industry has continued to rise. With the leading efficiency indicators in the industry, the upgrade and expansion of the business structure, the extension of the industrial chain, the complementary support of new business empowerment, and the increasingly stable comprehensive competitiveness, the new economic investment highlights emerged, the value improvement and efficiency reflected the decline of the main business, which effectively improved the company's profit efficiency and comprehensive influence, and laid the foundation for the future transformation, upgrading and sustainable development. Over the past
five years, the company's main product capacity has increased by 48%, net assets by 65%, total assets by about 78%, cumulative tax payment by about 5.1 billion yuan, and a total cash dividend of 2.65 billion yuan to shareholders in five years, with an average annual dividend rate of more than 40%. Accumulated three share repurchases 4.
II. Risks and challenges
faced 1. The cement building materials business is facing market challenges.
In recent years, the domestic economic growth has slowed down, the downstream infrastructure and real estate investment in building materials has declined at a high level, and the total demand for cement is facing a decline. The supply side is slow to reduce, the utilization rate of industrial capacity is low, the policy of capacity reduction needs to be implemented, and the contradiction between supply and demand is difficult to solve in the short term.
From the perspective of structure, the building materials industry is dominated by large state-owned enterprises, and the leading enterprises in the first echelon have obvious advantages in terms of scale strength, resource control, capital and professional technical reserves. The Company's main cement business still accounts for more than 80% of the revenue, and the supply and demand of cement building materials and price fluctuations pose a threat and challenge to the growth and development of the Company.
2. The existing industrial chain extension business has the same frequency as building materials, and the scale foundation is in the early stage.
In recent years, the company has made great efforts to expand the industrial chain extension business, trying to use the existing resource base to achieve appropriate transformation breakthroughs. However, the aggregate business lacks tight coordination with the cement , equity investment business and the main business team.". The professional management of
equity investment business needs to be further strengthened, and the accumulation of external resource channels and the building of internal talent team and organizational capacity need to be strengthened. Although they have achieved better financial investment returns and deepened their understanding of emerging industries, they have not yet matched the key projects of Shangfeng culture, team complementarity, resource sharing and scale from the perspective of industrialization.
Second, although industrial transformation and upgrading are difficult and risky, we still have certain opportunities and advantages for the next development:
1. Resource base advantages. Over the past 46 years, Shangfeng has accumulated sufficient social resources, capital accumulation, industrial reputation, tough team, and tangible resources such as minerals needed for material manufacturing. According to the current budget, on the premise of appropriately increasing liabilities and controlling overall risks, there are relatively sufficient capital reserves to obtain new opportunities in the past two years according to the budget plan, and there are certain capital resources.
2. Support of mechanism and early development. Shangfeng has a unique foundation of mixed ownership mechanism, and has made many years of attempts and explorations in cross-domain industries, and has carried out cooperative development in different modes. It has carried out long-term practice in different regional cultures and different backgrounds in various modes, and has accumulated rich experience in group management and diversified integration.
3. The basis of thinking and cognition. The Company has carried out a series of investment layout in semiconductor, new energy, new materials and other fields, and accumulated industrialization practice in new energy business. It has a certain practical understanding of emerging industry chain research, talent and technology resources, understanding and control of industrial model, and fluctuation of industrial cycle, and has accumulated resources of ecosphere in the new economic industry chain.
4. Equity investment basis. Listed companies have the advantages of standardized operation, open information, easy dissemination of word of mouth and easy promotion of brand. At the same time, Shangfeng's early equity investment has the basis of investment income performance. The tough and pragmatic style of Shangfeng's corporate culture matches the concept of long-term value investment, which is relatively suitable for medium and long-term investment.
5. Space opportunities for industrial iteration. Non-metallic materials in the same field as cement building materials have been widely used in recent years. New basic materials such as silicon-based, carbon-based and calcium-based materials will become the market of large space products in the new era, and also the indispensable upstream source of large categories of scientific and technological products. Although some new material industries will also face cyclical fluctuations, the long-term trend is in the process of upward aggregate demand, and the related material manufacturing industry has a broad space for long-term growth.
The company is always aware of the limitations and capability boundaries of the existing core team, as well as the risk of failure in enterprise transformation. However, based on the above analysis, it is imperative to increase equity investment and seek new business in the second growth curve. At the same time, the company has drawn up a corresponding work direction plan for the next five years. Chapter
2 Overall Strategic Planning
I. Overall Vision
The company is committed to becoming a respected enterprise group that continuously creates value and benefits in the field of basic materials. We always believe in the power of ordinary people to write extraordinary achievements. The overall strategic vision is:
based on the basic material industry and equity investment business, actively cultivate the new material growth industry, give full play to the advantages of flexible and efficient mechanism, strive to upgrade the management innovation, shape the brand and culture, and cultivate the human resources team into the core advantages of the enterprise, so as to achieve long-term sustainable development. Become a trusted and respected international enterprise group in the field of materials.
2. Overall planning: one main body and two wings-two-wheel drive-troika
1. The current business structure of one main body and two wings is shown in the figure below:
2. According to the analysis of the current strategic situation, Shangfeng will moderately increase the investment accumulation of equity investment business in the current stage. Form a new business development platform; At the same time, it insists on improving the efficiency and competitiveness of the existing industrial chain of the main and auxiliary industries. The building materials industry chain and the equity investment business chain are driven by two wheels and go hand in hand. Complementary and balanced business pattern:
The collaborative disposal business makes full use of the scene resources of each base, and the total annual capacity of the target disposal is 1 million tons; the internal and external integration of logistics business is upgraded to the intelligent Internet of Things, and the business support of the integration of trade and transportation is enhanced, with an effective annual logistics revenue target of 1 billion yuan; Based on the development of integrated photovoltaic, energy storage and charging power stations, the new energy business has accumulated 200 MW green power resources, 100 MWh energy storage power stations and intelligent logistics charging station resources, providing customers with economical and convenient green energy and leading cost reduction and carbon reduction solutions.
Equity investment starts with financial investment and project mergers and acquisitions, making basic preparations for the growth and development of the new quality main business, reserving more than 3 billion yuan of equity assets, and contributing investment income and cash flow steadily, thus forming an excellent brand reputation in the field of investment.
2. Financial target planning
The financial target of the overall planning is: a substantial increase in total revenue, total assets and net assets at the end of the period. New quality business accounts for more than 20% of revenue, asset-liability ratio does not exceed 55%, and interest-bearing debt ratio does not exceed 35%.
The average annual net profit dividend rate is not less than 35%. The amount of cash dividends to be distributed by the Company for each year from 2024 to 2026 shall not be less than 35% of the net profit attributable to the shareholders of the listed company, and the amount of cash dividends for each year in the three years shall not be less than 400 million yuan (for details, please refer to the Announced Dividend Return Plan for Shareholders (2024-2026)). Chapter
III Planning and Implementation Path
I. Equity Investment is moderately strengthened
to further enrich the professional investment team. With the cooperation of external experts, we should moderately increase investment and accumulate capital scale. The investment management team establishes an effective risk control system in strict accordance with the requirements of the norms. On the one hand, it focuses on semiconductor, new energy, new materials and other fields, focuses on the field of scientific and technological innovation and basic emerging industries, closely adheres to the theme of new quality productivity in the era, and continues to carry out equity financial investment in the new economy; On the one hand, we should seize the opportunities of macroeconomic and capital market cycle fluctuation and policy cycle, and timely merge and acquire advantageous projects in the subdivision areas with strong development potential. The target scope of
equity investment business reflects the overall strategic goal intention while considering the financial income dimension, closely combines the industrial goal of the second growth curve with the investment resources, complements and coordinates into a chain, skillfully uses capital tools, is good at integrating resources, and steadily achieves the goal.
2. Focus on upgrading the quality
of the main business 1. The production line of the main business will continue to enhance its comprehensive strength and competitiveness according to the changes in the industry situation and policies. In the trough period, mergers and acquisitions can be made at an opportune time, or cooperation with large leading enterprises can be made to increase equity production capacity; Products are matched to strengthen the chain in key areas, complete the existing technological transformation or new grinding station projects, increase aggregate production capacity in areas with market conditions, cooperate with colleges and universities to develop calcium-based material products, and enhance the added value of products. The main business operation will maintain the energy efficiency level of the first echelon of the industry through horizontal benchmarking and optimization of the necessary manufacturing process system, and implement the upgrading and transformation of the clinker base, such as ultra-low emission, digital and intelligent upgrading, fuel and raw material substitution, etc.; on the premise of safe production, it will maintain a streamlined and efficient operation efficiency and enhance the overall competitiveness.
2. The environmental protection business of collaborative disposal completed the construction and operation of Huaining Base, demonstrated the feasibility of new collaborative disposal process equipment and production lines in other bases, and combined with the new technology of fuel substitution and comprehensive utilization of resources in cement kilns, realized the optimization of energy cost and the improvement of comprehensive benefits in the main business; While making good use of the existing physical terminal resources, logistics tool resources and data resources to empower the main business, the logistics business will build a digital platform for the Internet of Things and upgrade and transform to the intelligent Internet of Things. Aiming at industrial and commercial users, the
new energy business aims at saving energy, reducing carbon, reducing costs and increasing efficiency for customers with an economical and efficient "light storage and carbon charging" system, while steadily accumulating the scale resources of light, storage and charging new energy power stations, it also completes the work of carbon asset management system, and completes the development of intelligent energy integrated management system and carbon asset management system. Continue to forge the leading enterprise of "source network load storage carbon" intelligent energy integration system.
3. With the continuous upgrading, extension and expansion of the main industry chain, as well as the cultivation, linking and integration of the equity investment industry chain, the cultivation
of the new material industry will gradually focus on the scope of the new material industry and enhance the ability of the peak team to control the integration of the new material business; At the same time, through the accumulation of relevant information, contacts and comprehensive resources in the equity investment industry chain, we can deepen our understanding and insight into the industrial cycle and policy changes of new materials such as silicon-based, calcium-based and carbon-based materials, and finally determine the goal of the new quality industry, seize the opportunity to increase investment in the formal entry, supplement the short board of the project, and promote the scale of the new business. The overall pattern has gradually taken shape.
4. In the dynamic evolution of the overall plan for the coordinated development
of various businesses, the sustainable development of the "two-wheel" business is accompanied by the long-term patient cultivation and empowerment of the new quality business, the growth of the new quality business comes from the strategic support accumulation of the existing two chains and the integration of external teams, and the "troika" runs through the comprehensive resources of each unit of the group. Industrialized operation is upgraded to new quality and high quality. At the same time of coordinated development of various businesses, we should communicate and manage investor relations with the media and institutions, form a systematic ESG continuous optimization system, build up investor confidence, and obtain long-term trust and support from investors and all sectors of society.
To sum up, the combination of good efficiency, new quality connotation, scale expansion and capital assistance is the main way to achieve the steady growth of peak comprehensive value. Chapter
IV Planning Measures Guarantee
In order to ensure the implementation of strategic planning and risk control, the plan provides supporting guarantee in organizational structure, financial control, talent team, system and cultural construction.
1. Organizational structure adjustment
According to the characteristics of different businesses, two professional operation and management platforms, namely, cement building materials industry chain and equity investment, are set up according to the "two-wheel drive". The headquarters grasps decision-making, investment and strategic finance, core personnel and group management and control, and directly manages environmental protection, logistics, new energy and other development-oriented businesses; Cement building materials operation management platform adjusts the structure to form an efficient and flexible regional centralized management mechanism.
2. Financial Guarantee
Co., Ltd. strengthens professional and comprehensive budget management in strategic finance, makes relatively stable and accurate budgets for capital expenditure, development investment and stage cash flow, regularly reviews and adjusts, and strictly controls interest-bearing debt ratio and available cash solvency. To ensure that on the basis of a safe bottom line for the strategic growth of the business to provide financial security; to provide a reasonable basis for the allocation of resources for diversified business investment and the assessment of the objectives of the senior management of each unit.
Strengthen the professional construction of business finance and financial sharing center, and provide the system foundation for the balance of business efficiency and risk management and control; improve the level of financial informatization, and provide timely, accurate, practical and effective financial information for investment decision-making and business calculation; The Company will keep a close eye on the strategic objectives and budget targets, optimize the debt structure and repayment period, make full use of financial instruments, adjust financing channels, and reduce financial costs while maintaining the target capital structure indicators.
3.
In terms of team allocation, the mature business of cement building materials mainly allocates teams with rich experience in operation and management, the new development of incremental business, the strong allocation of market development talents, and the cultivation of supplementary professional and technical talents. In general, each team should conform to the cultural spirit of pragmatism, steadfastness, diligence and integrity of Shangfeng people and their strong and tenacious style, and always maintain the efficiency mechanism of "standardization + efficiency".
Optimizing the mechanism of "attracting, retaining and educating people", adjusting and formulating the strategic plan of human resources in the new stage, reserving reserve talents with different characteristics for different businesses, and more and more reflecting the new characteristics of knowledge-intensive in the new stage, we should make full use of resources to expand channels and introduce and train new professional leaders without sticking to one pattern; The reform of supporting incentive system and performance appraisal system can improve the efficiency of human resources with matching incentives.
Fourthly, the process of system and cultural guarantee
from "two-wheel drive" to "troika" is a challenge to the construction of group management and control capacity. It is necessary to adopt targeted process system construction for different business models and platforms, and adopt different operation strategies for platforms with different mechanisms under the framework of unified strategy and culture. The central goal of headquarters management is to establish a diversified management and control system structure, and to make a comprehensive adjustment and optimization of the allocation of authority resources. Supporting pragmatic audit supervision, assessment supervision and internal control management audit work, resolutely eliminate internal corruption, strictly investigate fraud, implement the accountability system, timely accountability, rectification and upgrading.
Strengthen the construction of Shangfeng corporate culture, enhance the cohesion and influence of Shangfeng culture, smooth and open communication mechanisms at different levels, and further promote and implement the staff's understanding and practice of the core spirit of Shangfeng culture. Combining with the work of Party building and thematic education, we should carry out necessary organizational construction activities, form a high-spirited atmosphere of struggle, crack down on unhealthy tendencies, and promptly correct and deal with such undesirable phenomena as "lying flat", "extensive" and "internal friction" which lack professional responsibility.
Improve the overall level of external public relations, establish orderly and stable social resources with the government and community, important customer channels and capital channels, maintain a good social image and brand influence, and lay a good foundation for the group's cross-regional development and operation of environmental resources.
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