reports
- Claire Wang Kelai
- Tham Mun Hon
- Ziv Ang Sze Champ
Anhui Conch Cement (914 HK): 2025: Below Expectations; Cost Discipline...
Conch reported 2025 net profit of Rmb8,464.5m (+5.1% yoy), below expectations due to weaker cement prices, with revenue down 9.3% yoy. Cement sales volumes remained resilient at 265m tonnes (-1.1% yoy), outperforming industry declines of 6.9% yoy. Cement unit production cost fell 11.1% yoy to Rmb166.42/tonne, vs a 6.4% yoy drop in blended cement ASP, lifting group gross margin to 23.0% (+2.3ppt yoy). Overseas and downstream growth partly offset weak domestic demand. Maintain BUY. Target price: H...
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Joyce Chu
- Julia Pan Mengyao
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Thursday, March 26, 2026
Top Stories Company Results | Anhui Conch Cement (914 HK/BUY/HK$21.74/Target: HK$26.10) Conch reported 2025 net profit of Rmb8,464.5m (+5.1% yoy), below expectations due to weaker cement prices, with revenue down 9.3% yoy. Cement sales volumes remained resilient at 265m tonnes (-1.1% yoy), outperforming industry declines of 6.9% yoy. Cement unit production cost fell 11.1% yoy to Rmb166.42/tonne, vs a 6.4% yoy drop in blended cement ASP, lifting group gross margin to 23.0% (+2.3ppt yoy). Oversea...
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
3933 THE UNITED LABORATORIES INTE
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
01024 KUAISHOU TECHNOLOGY CLASS B
- Audrey Celia
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Lester Siew
- Malaysia Research Team
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, March 26, 2026
Greater China Company Results | Anhui Conch Cement (914 HK/BUY/HK$21.74/Target: HK$26.10) Conch reported 2025 net profit of Rmb8,464.5m (+5.1% yoy), below expectations due to weaker cement prices, with revenue down 9.3% yoy. Cement sales volumes remained resilient at 265m tonnes (-1.1% yoy), outperforming industry declines of 6.9% yoy. Cement unit production cost fell 11.1% yoy to Rmb166.42/tonne, vs a 6.4% yoy drop in blended cement ASP, lifting group gross margin to 23.0% (+2.3ppt yoy). Overse...
544 CSE GLOBAL LTD.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
INKP PT INDAH KIAT PULP & PAPER TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
KLK KUALA LUMPUR KEPONG BHD
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
2269 WUXI BIOLOGICS (CAYMAN) INC.
01024 KUAISHOU TECHNOLOGY CLASS B
KOPI MK ORIENTAL KOPI HOLDINGS BHD
- Claire Wang Kelai
- Ziv Ang Sze Champ
Anhui Conch Cement (914 HK): 1H25: Above expectations; cost relief and...
Anhui Conch Cement reported 1H25 earnings of Rmb4,367.9m (+31.3% yoy), representing 42.5% of our full-year estimates, slightly above expectations. Gross margin for self-produced products rose to 28.9% (+5.8ppt yoy). Cement ASP edged up 1.5% yoy, while unit production cost fell 7.1% yoy, mainly on a 13.8% drop in fuel and power costs. Cement and clinker sales volume was broadly stable at 126mt (-0.4% yoy), outperforming the industry (-4.3% yoy). Maintain BUY. Target: HK$28.90.
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Kate Luang
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Thursday, August 28, 2025
KEY HIGHLIGHTS Results Anhui Conch Cement (914 HK/BUY/HK$24.46/Target: HK$28.90) Anhui Conch Cement reported 1H25 earnings of Rmb4,367.9m (+31.3% yoy), representing 42.5% of our full-year estimates, slightly above expectations. Gross margin for self-produced products rose to 28.9% (+5.8ppt yoy). Cement ASP edged up 1.5% yoy, while unit production cost fell 7.1% yoy, mainly on a 13.8% drop in fuel and power costs. Cement and clinker sales volume was broadly stable at 126mt (-0.4% yoy), outperfo...
AS7 ANTA SPORTS PRODUCTS LTD.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
XGH ENN ENERGY HOLDINGS LIMITED
PRU PRUDENTIAL PLC
000858 WULIANGYE YIBIN CO. LTD. CLASS A
01109 CHINA RESOURCES LAND LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
03690 MEITUAN CLASS B
2877 CHINA SHINEWAY PHARMACEUTICA
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
9660 HK HORIZON ROBOTICS INC (9660 HK)
- Ziv Ang Sze Champ
China Cement Weekly: Unfavourable weather condition and tail-heavy LGS...
Unfavourable weather condition and tail-heavy LGSB issuance are still holding back cement demand. The rebound in cement prices seems to be losing steam, especially in the southern and eastern regions. Shipment volume fell 4.7% wow last week, largely dragged by Typhoon Yagi. Inventory remained stable despite weak demand due to stricter production output control. Acceleration of LGSB issuance and favourable weather condition could boost cement demand in 4Q24. Maintain UNDERWEIGHT.
- Ringo Tang Chi Yu
- Ziv Ang Sze Champ
Anhui Conch Cement (914 HK): 1H24: Below expectations; exploring oppor...
Anhui Conch reported 1H24 earnings of Rmb3,325.6m (-48.6% yoy), representing 29% of our full-year estimate and below expectations. Gross margin for self-produced products fell to 23.0% (-4.6ppt yoy). The slump in cement ASP of 21.6% was steeper than the 16.0% reduction in cement’s unit production cost. 1H24 cement and clinker sales volume declined to 126m tonnes (-3.4% yoy), and management expects 2024 demand to drop 8-10% yoy. Maintain BUY. Target price: HK$19.50.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Thursday, August 29, 2024
KEY HIGHLIGHTS Results Anhui Conch Cement (914 HK/BUY/HK$16.46/Target: HK$19.50) Anhui Conch reported 1H24 earnings of Rmb3,325.6m (-48.6% yoy), representing 29% of our full-year estimate and below expectations. Gross margin for self-produced products fell to 23.0% (-4.6ppt yoy). The slump in cement ASP of 21.6% was steeper than the 16.0% reduction in cement’s unit production cost. 1H24 cement and clinker sales volume declined to 126m tonnes (-3.4% yoy), and management expects 2024 demand to...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
PRU PRUDENTIAL PLC
000858 WULIANGYE YIBIN CO. LTD. CLASS A
01109 CHINA RESOURCES LAND LIMITED
002352 S.F. HOLDING CO. LTD. CLASS A
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
1211 BYD COMPANY LIMITED CLASS H
03690 MEITUAN CLASS B
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
01801 INNOVENT BIOLOGICS INC.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
06690 HAIER SMART HOME CO. LTD. CLASS H
02015 LI AUTO INC
- Ceilica Su Rui
- Ziv Ang Sze Champ
Anhui Conch Cement (914 HK): 2023: In line; all set to expand market s...
Anhui Conch Cement reported 2023 earnings of Rmb10,689.2m (-32.6% yoy), representing 94% of our earnings forecast for 2023, in line with our expectations. Gross margin of 42.5 grade cement was resilient at 25.2% (-3.2 ppt), thanks to the 17.2% decline in fuel and power costs. Subsequent to 2023’s 0.7% yoy growth in cement and clinker sales volume, management is targeting another 4.9% yoy growth to 299m tonnes in 2024. Maintain BUY. Target price lowered to HK$21.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Greater China Research Team
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Thursday, March 21, 2024
KEY HIGHLIGHTS Results Anhui Conch Cement (914 HK/BUY/HK$17.20/Target: HK$21.00) 2023: In line; all set to expand market share. CSPC Pharmaceutical Group (1093 HK/BUY/HK$6.41/Target: HK$7.80) 2023: Results in line; expects double-digit revenue and earnings growth in 2024. Geely Auto (175 HK/BUY/HK$8.83/Target: HK$11.00) 2023: Results beat on margins again; upgrade to BUY. Raise target price from HK$6.50 to HK$11.00. Innovent Biologics (1801 HK/BUY/HK$39.35/Target: HK$60.00) 2023: Results ...
PRU PRUDENTIAL PLC
02331 LI NING COMPANY LIMITED
00700 TENCENT HOLDINGS LTD.
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 CSPC PHARMACEUTICAL GROUP LTD
01024 KUAISHOU TECHNOLOGY CLASS B
- Ziv Ang Sze Champ
China Commodities: Weekly: US 4Q23 GDP trounces expectations; weak cop...
Stronger-than-expected 4Q23 US annualised GDP data has pushed back the timeline of the first rate cut. Funds are increasingly bearish on copper, with weak global demand outweighing concerns on supply disruptions. The rebound in flat products’ prices saw steel mills’ margins recovering, but it is unsustainable despite rising production due to weak demand amid the low season. Cement demand was hampered by the first cold snap in 2024, with construction continuing to slow as CNY approaches.
- Ziv Ang Sze Champ
China Commodities: Weekly: Mar 24 rate cut optimism fades.
Optimism about a rate cut in Mar 24 faded amid resilient US economic data and hawkish comments from Fed officials, with gold prices sliding to a one-month low last week. The recent sharp declines in iron ore and coke prices have helped in stabilising steel mills’ margins. However, demand for both long and flat products continues to slump amid a low season. We are concerned about reports of the central government instructing heavily-indebted local governments to delay/halt some state-funded infra...
- Ziv Ang Sze Champ
China Commodities Weekly: US dollar tumbles on easing Fed rate hike fe...
The US’ weaker-than-expected Oct 23 CPI has eased market concerns of further rate hikes by the Fed, dragging the US dollar to a two-month low. Expectations of more stimulus measures from China are boosting demand outlook for industrial metals and iron ore. Steel mills’ margins expansion continued on the rebound of steel prices, though consumption has slowed. Cement shipment slowed as the northern region entered the low season and the southern region encountered rainy weather.
- Ziv Ang Sze Champ
China Commodities Weekly: Easing fears of further rate hikes supportin...
Gold and copper prices gained strength last week with the less hawkish signals from Fed officials and cooling US’ jobs data. Upside for gold prices could be very limited given the declining risk premium on the Israel-Hamas war and rising risk appetite, whereas demand prospects for copper are still clouded by China’s fragile recovery. Domestic construction activities are continuing to gain traction while the recovery in steel prices is driving a margin recovery for both steel mills and cement man...
- Ziv Ang Sze Champ
Anhui Conch Cement (914 HK): 3Q23: In line; margins compressed by lack...
Anhui Conch Cement reported 9M23 earnings of Rmb8,672.2m (-30.2% yoy), representing 73% of our full-year estimate and in line with expectations. 3Q23 margin was down by 5.9ppt qoq to 15.5%. Management sees limited downside to thermal coal prices and expect them to rebound in 4Q23 as we enter the heating season. Gross margin is likely to remain flat qoq in 4Q23 as the rebound of cement prices is expected to be offset by higher coal prices. Maintain BUY. Target price: HK$28.20.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Wednesday, November 1, 2023
KEY HIGHLIGHTS Economics PMI September’s improvement was a flash in the pan. Sector Property Top 100 developers’ Oct 23 sales weaker than expected; government housing supply to accelerate. Results Anhui Conch Cement (914 HK/BUY/HK$19.52/Target: HK$28.20) 3Q23: In line; margins compressed by lacklustre demand and high coal prices. Budweiser APAC (1876 HK/BUY/HK$14.88/Target: HK$22.50) 3Q23: Slight miss; expect a better 4Q23. Chongqing Brewery (600132 CH/BUY/Rmb78.50/Target: Rmb100.50) 3Q23: ...
600132 CHONGQING BREWERY CO.LTD CLASS A
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
601919 COSCO SHIPPING HOLDINGS CO. LTD. CLASS A
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
2747 ESTUN AUTOMATION
1772 GANFENG LITHIUM CO. LTD. CLASS H
2359 WUXI APPTEC CO LTD
9988 ALIBABA (9988 HK)
603259 WUXI APPTEC CO. LTD. CLASS A
1876:HK BUDWEISER BREWING CO APAC LTD
- Ziv Ang Sze Champ
China Commodities Weekly: Safe-haven assets rally on flight-to-safety ...
The flight to safety and a dovish Fed have continued to weigh on treasury yields, which have declined from its 16-year high to 4.58%. The US’ Sep 23 CPI has stoked expectations of another rate hike in Dec 23. More Chinese steel mills are commencing plant maintenance amid deteriorating margins, which has weighed on iron ore demand prospect. Resumption of construction activities remains still slower than expected, with weekly rebar/cement consumption still down 18% and 36% yoy respectively.
- Ziv Ang Sze Champ
China Commodities Weekly: Gold extended its losing streak from 25 sep ...
A hawkish Fed, which led to rising treasury yields and a strengthening US dollar, continued to weigh on gold prices, which have been on a losing streak since 25 Sep 23. LME copper saw the widest contango since 1994 with cash-to-three-month discount reaching US$70/mt, partly dragged by concerns on near-term demand. Steel mills saw a steep margin deterioration amid weakening product spot prices and raw material price upticks, which should help moderate production activities.
- Ziv Ang Sze Champ
China Commodities Weekly: Hawkish Fed and gloomy China recovery outloo...
The Fed maintained interest rates last week but guided for one more rate hike by end- 23. The Fed’s hawkish guidance and China’s gloomy recovery outlook have weighed on the demand outlook of base metals. Steel mills’ margin erosion and the upcoming steel production curbs are expected to drag on iron ore consumption. The rebound in cement prices continues to be supported by demand recovery. Guangdong is seeing an intensifying price war given the influx of products from Guangxi.
- Ziv Ang Sze Champ
China Commodities Weekly: Better-than-expected economic figures raise ...
China’s and the US’ Aug 23 economic figures came in above expectations, raising hopes of a soft landing and boosting the demand outlook for base metals. Iron ore prices rallied 8.5% wow given steel mills’ robust production activities and fresh stimulus announced, which further compressed steel mills’ profitability. Cement prices’ six-month downtrend reversed last week with average prices up 0.5% wow. Shipment has continued to pick up but the resumption of production contributed to inventory buil...
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