Cement Character Series: The Kiln Fire Has Not Stopped, the Cement Veteran Has Stepped into the New Material — — Yu Feng

Cement is a great cause, carrying the people's yearning for a better life, and laying a solid foundation for economic and social development. Over the past decades, China's cement industry has been developing continuously and making great progress, realizing the technological leap from shaft kiln to new dry process, completing the transformation from following to leading in the world, and becoming a basic industry with great international competitiveness in China. In the course of the vigorous development of the cement industry, a large number of dedicated outstanding figures have emerged, who have profoundly reshaped the development pattern of China's cement industry and injected strong impetus into the iterative upgrading of the industry. In the near future, China Cement Network will review the industry figures who have made outstanding contributions to China's cement industry from a third-party perspective.

Today we bring you " " Yu Feng, male, born in July 1969, from Ciwu Town, Zhuji City, Zhejiang Province. Graduated from Beijing Coal Management Cadre College in July 1994, he joined Zhejiang Shangfeng Cement General Factory and successively served as laboratory technician, laboratory director, supply and marketing section chief and deputy factory director. Since April 2002, he has successively served as chairman of Zhejiang Shangfeng Cement Group Co., Ltd., chairman of Zhejiang Shangfeng Holding Group Co., Ltd., and chairman of Tongling Shangfeng Cement Co., Ltd; In May 2022, he was elected as the chairman of the tenth board of directors of Gansu Shangfeng Cement Co., Ltd. and concurrently served as the president. In May 2025, he was re-elected as the chairman of the eleventh board of directors. He is the actual controller of the company and holds 51% of the controlling shareholder's equity.

1. Eight years in the laboratory, the story of the peak of every link

in a cement plant started in 1978. This year, Shangfeng Cement Plant in Ciwu Town started in the countryside of Zhuji, which is an out-and-out collective village-run small factory. In September 1992, Zhejiang Zhuji Shangfeng Cement General Factory was registered as a collective ownership enterprise. Yu Yuezhong, the old factory director, initiated the establishment of Shangfeng Academy in his later years, leaving a cultural background for the enterprise.

In 1994, Yu Feng, 25, graduated from university and entered the factory as a laboratory technician. In the next eight years, he successively served as the director of the laboratory, the section chief of supply and marketing, and the deputy factory director. The laboratory looked at the quality, the supply and marketing looked at the market, and the deputy factory director was in charge of production. He found out the family background of a cement factory from inside to outside. This experience left a mark on his future business philosophy: no matter what the industry situation is, enterprises need to focus on reducing costs to enhance core competitiveness. In March

2002, Yu Feng, Yu Xiaofeng and Yu Youcha jointly invested in the establishment of Zhejiang Shangfeng Cement Co., Ltd., the collective enterprise completed the restructuring, and Yu Feng became the chairman of the group. At this time, the local limestone resources in Zhejiang are becoming increasingly tense and the competition for cement is becoming increasingly fierce. Since 2003, Shangfeng, together with Zhejiang Furun and other partners, has laid out along the Yangtze River to build a large-scale new dry process cement clinker base in Tongling, Anhui Province, and the project has been put into operation since 2005. This step allowed Shangfeng to go out from the mountainous areas of eastern Zhejiang, and the company has since been listed as one of the top 60 cement building materials enterprises supported by the state by six ministries and commissions, such as the National Development and Reform Commission.

2. On August 21,

2012, Zhejiang Furun, Shangfeng Holdings and Tongling Nonferrous Holdings signed an agreement with a private holding company that had been suspended for six years. After the completion of the capital increase of their respective

2012, ST Copper City, which has been suspended for more than five years, disclosed a major asset restructuring plan. The Gansu Commercial Company, which is mainly engaged in leasing shopping malls, has been suspended from listing since April 2007 due to two consecutive years of losses in 2004 and 2005. Reorganization of 100% equity interest in Shangfeng Building Materials and 35.5% equity interest in Tongling Shangfeng (the counterparty is

reorganization: "Unlike the state-owned holding and private equity participation model of China Building Materials, Shangfeng adopts the basic model of private relative holding and dominance, with state-owned shareholders as important strategic shareholders." In his view, this kind of mixed ownership makes the strategy more scientific, more standardized and more efficient-the production capacity of Shangfeng Cement after listing is not outstanding in the industry, but the main operational efficiency indicators are in the forefront of the industry all the year round.

In 2020, the company's annual report first put forward "one main and two wings", which clearly positioned equity investment in semiconductor, new materials and other science and technology fields as an important wing to support transformation and upgrading. In 2021, Shangfeng invested in Changxin Technology, the leading DRAM memory chip in China, and extended the layout of its main sealing and testing manufacturer Xinfeng Technology. According to relevant media reports, as of October 2025, Shangfeng has invested more than 2 billion yuan in the new economic field, involving nearly 30 projects, including 20 semiconductor enterprises, covering chip design, wafer manufacturing, packaging and testing, equipment and materials; Jinghe Integration was listed in 2023 and successfully withdrawn in 2025, and Xi'an Yicai, Onruiwei and other participating enterprises landed in the capital market one after another. In 2024, the equity investment business will contribute more than 22% of the net profit, with a five-year cumulative profit. 5

. Supporting this cross-border experiment is the extreme hematopoietic capacity of the main business: the average return on equity of the company in the past five years is 17. Yu Feng's positioning is always clear: "Cement business is our cash flow fortress, but we will never expand blindly." "The main business is to be a cash cow and invest as a pathfinder."

March 2026, through the establishment of a new subsidiary Shangfeng Core Material, the company acquired 75% of the shares of Meiqi Circuit, a veteran packaging substrate company in Shenzhen Zhijin, and invested an additional 600 million yuan in the technical renovation and expansion of the high-precision packaging substrate production line-from an "investor" in the semiconductor industry chain to an "entrant". Packaging substrate is the key connection carrier between chip and circuit board, and it is one of the largest basic materials in the semiconductor industry chain. On June 5 of the same year, the company's securities abbreviation was changed from "Shangfeng Cement" to "Shangfeng Material".

"The four words'peak materials' have condensed the thinking of the past ten years." Yu Feng said. The Company simultaneously established three specialized operation platforms, namely Shangfeng Building Materials, Shangfeng Core Materials and Shangfeng Investment, to form a "troika" pattern of building materials cornerstone business, equity investment capital business and new materials growth business: the building materials sector became better and stronger, the investment sector accumulated on a rolling basis, and the new materials sector made rapid breakthroughs.

From the sampling window of the laboratory to the listing bell of the Shenzhen Stock Exchange; from the small village-run factory in Ciwu, Zhuji, to the layout of the production capacity network in Zhejiang, Anhui, Xinjiang, Guizhou, and other provinces and regions; from cement clinker to semiconductor packaging substrates -- Yu Feng's 30 years have just caught up with the 30 years in which China's cement industry has gone from prosperity to stability and from stability to change. Some media define him as "from a cyclical efficiency champion to a growing industry enabler". This statement is not necessarily his self-expectation, but it accurately describes the most special thing about Shangfeng Company: it always knows what cycle it is in and is always preparing for the next cycle.