【财通建筑】中材国际 Key Points 20260728

English summary

1. In H1, the domestic cement market was weak, compounded by geopolitical issues in the Middle East, putting pressure on the company's operations. However, in Q2 the company made active efforts, and operating pressure may be less than in Q1. In terms of orders, the company maintained a good overseas level. If the war ends subsequently, overseas business is expected to resume good growth. Cement equipment orders grew well in H1, mainly due to the smooth implementation of the company's equipment strategy, with sustainability going forward. 2. In terms of accounts receivable, the company strengthened assessment of receivable collection in H1, receiving some payments from 天山 (Tianshan). For the Guangxi project involved in litigation, capital recovery is assured. 3. In the medium to long term, the company's 15th Five-Year Plan is expected to be released soon. The 15th Five-Year Plan period is expected to maintain good endogenous growth, while expanding layout in mining and new material equipment through M&A and other external growth methods.