307 million yuan to buy shares of 4 companies! Conch's acquisition territory falls again.

Recently, Conch Cement announced that Anhui Conch Environmental Protection Group and Wuhu Conch Environmental Protection (as buyers), subsidiaries of Conch Environmental Protection, a non-wholly owned subsidiary of the Company, Four equity transfer agreements were signed with Anhui Haijing (as the seller) and four target companies respectively, with a total acquisition consideration of 307 million yuan. The

acquisition targets are all 100% equity, specifically:

the announcement shows that the main business of the four target companies is medical waste collection and disposal.

Why is it medical waste? The reason given by Conch Environmental Protection is that medical waste disposal belongs to the environmental protection business of people's livelihood, which is strictly regulated by industry policies, has a stable charging mechanism, has good development attributes, and is also the core business of Conch Environmental Protection. The most direct effect of

this transaction is to complete the regional territory. Among them, Shenyang Hanyang and Dalian Hanyang hold the franchise rights of local medical waste disposal respectively, and Tieling Hanyang has entered into a long-term cooperation agreement with the local government on medical waste collection and disposal. Tianjin Hanyang is located in an area with a dense population and abundant medical resources, and has been cultivating the local market for a long time with a solid customer base.

Conch Environmental Protection said that the acquisition is a decisive measure in its layout of the Northeast and Bohai Rim medical waste market, which can integrate the target business into the existing operation system and improve the efficiency of asset operation with the help of its mature experience in the operation of medical waste projects.

It is worth noting that the counterparty of this transaction is not an "outsider".

The announcement pointed out that Conch Group holds 37.55% of the shares of Conch Cement; Conch Group and its wholly-owned subsidiary Conch Capital hold 99% and 1% of the equity of Anhui Haijing respectively. Therefore, Anhui Haijing is an associate of Conch Group and a connected person of Conch Cement, and the Transaction is deemed to be a connected transaction, which is subject to disclosure requirements and exempt from independent shareholders' approval. Upon completion of the

Transaction, the four Target Companies will become subsidiaries of Conch Cement and their financial results will be consolidated into the consolidated financial statements.

Medical waste is only part of Conch's recent acquisition. In the main cement industry, the intensive falling of conch has already started. In August

2025, Conch Cement acquired six western cement companies in Xinjiang, including Yili, Moyu, Yutian and Hetian, by means of equity acquisition and asset acquisition, adding about 2.3 million tons of clinker production capacity, which significantly enhanced its voice in Northwest China. On July 2

, 2026, Conch Cement's Hefei Conch and Wulanchabu Conch signed an asset transfer agreement with Wanwei Hi-tech and Mengwei Science and Technology to transfer two cement assets for 619 million yuan: Wanwei Hi-tech's 2 million tons of clinker and 3 million tons of cement production capacity in Chaohu Lake. Mengwei Science and Technology has a production capacity of 1 million tons of clinker and 1 million tons of cement in Wulanchabu. The deal expands the market to Inner Mongolia while eliminating competition in the same industry.

In addition, according to market hearsay, conch cement is buying the cement company of the ground such as Sichuan, Guangxi in advance.

The plan has also been made clear. On September 1, 2026, Conch Cement held a mid-term performance conference in Hong Kong, which made it clear that it would promote the merger and acquisition of domestic main businesses during the "15th Five-Year Plan" period, and continue to shape industrial advantages in precise investment. The semi-annual report also stated that it would seize the favorable opportunity of in-depth remodeling of the industry structure, promote the merger and acquisition of high-quality projects of domestic main businesses, and enhance the industry concentration. In terms of capital, the company plans to spend 11.82 billion yuan on capital expenditure in 2026, mainly on the development of major projects and the extension of upstream and downstream industrial chains. In the middle of 2026, Conch Cement realized a revenue of 36.927 billion yuan and a net profit of 2.527 billion yuan.