of April 27, Shangfeng Cement issued a series of related announcements, such as annual report, quarterly report, business development, dividend, ESG and company renaming. Under the heavy pressure of declining demand and declining volume and price in the cement building materials industry, Shangfeng effectively hedged the downward fluctuation of the main business with the steady financial returns brought by the leading cost control and the forward-looking investment layout of science and technology, and the annual comprehensive gross profit rate and the net profit attributable to shareholders of listed companies increased steadily and slightly; At the same time, with the new business of holding semiconductor packaging substrates as the entry point, the company has initially implemented the new development plan of "cement building materials cornerstone business, equity investment capital business, new material growth business" and "troika". This also marks that the transformation and upgrading strategy it has adhered to for many years has achieved initial results, thus entering a new stage of development.
In 2025, the total demand of the cement industry dropped by 6.9% again, the overall volume and price of cement products declined year on year, and the total profit of the industry was at a historically low level, but the unit cost of the main products continued to decline through technological innovation such as raw material and fuel substitution and fine management and control of cost reduction, efficiency and cost control, and the annual comprehensive gross profit rate reached 28.89%. Net profit attributable to shareholders of listed companies was 638 million yuan, an increase of 1.62% over the previous year, net operating cash flow was 1.05 billion yuan, return on equity was 7.1%, and operational efficiency indicators continued to maintain the leading level in the industry.
Particularly eye-catching is the company's new economic equity investment. Since 2020, the company has persisted in focusing on the semiconductor industry chain, new materials, new energy and other fields, with a total investment of about 2.16 billion yuan, realizing a series of layout of the whole industry chain from semiconductor design, materials, equipment, wafer foundry, storage IDM, advanced packaging, supply chain and so on. Among them, Hefei Jinghe, Onruiwei, Yisiwei and Shenghe Jingwei have been listed and issued successively, and Shanghai Super Silicon, Changxin Storage, Guangzhou Yuexin and Xinhua Semiconductor have applied for listing successively. At present, enterprises accounting for more than 60% of the company's investment quota have entered the listing process one after another. The company's equity investment has achieved a positive profit return for five consecutive years, with a cumulative profit of 530 million yuan and a profit of 95.41 million yuan in 2025, which laid the foundation of industrial chain resources for the strategic goal of transforming and developing semiconductor materials business while realizing financial returns.
It is noteworthy that in March this year, the company set up Zhejiang Shangfeng Core Material Technology Co., Ltd. to control Meiqi Circuit, a semiconductor packaging substrate manufacturer, thus filling in the second growth curve business layout of the five-year strategic planning target-new materials. According to the development plan of the board of directors of the company, the business of Shangfeng Building Materials is based on "excellence", continues to cultivate, improves quality and efficiency, consolidates its advantages in the fluctuation of the industrial cycle, and provides stable cash flow support and lean operation efficiency for the new quality business; Equity investment business mainly focuses on "stability", moderately improves the scale on the principle of strict risk control and professional focus, establishes the brand influence of science and technology industry chain investment, and realizes resource empowerment for the supply chain system of new business of semiconductor materials; The new material growth business takes "fast" as the first step, increases investment, enriches the team, improves the technical ability and industrial scale strength, promotes the rapid iteration of semiconductor packaging substrate and related materials business to the direction of scale and high-end, and provides more abundant new project resources for equity investment business. While launching an excellent annual dividend plan as scheduled, the
company also plans to arrange the second dividend plan in the middle of the year, with a total dividend of no less than 500 million yuan, once again fulfilling the value goal of creating good returns for shareholders.
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