Ningxia Building Materials Group Co., Ltd. 2025 Annual Report Summary

Log in to Sina Finance APP, search 【Information Disclosure】 to see more evaluation levels

Company code: 600449, Short name: Ningxia Building Materials

First Section: Important Notice

1. This summary of the annual report is derived from the full text of the annual report. To fully understand the company’s operating results, financial condition, and future development plans, investors should carefully read the full annual report on www.sse.com.cn.

2. The company’s board of directors, directors, and senior management guarantee the authenticity, accuracy, and completeness of the annual report content, with no false records, misleading statements, or major omissions, and assume individual and joint legal responsibilities.

3. All directors attended the board meeting.

4. Dahua Certified Public Accountants (Special General Partnership) issued an unqualified standard audit report for the company.

5. The profit distribution plan or capital reserve transfer plan approved by the board of directors for this reporting period:

The company will distribute a cash dividend of 1.60 yuan (tax included) per 10 shares to all shareholders. As of December 31, 2025, the total share capital is 478,181,042 shares, thus distributing 76,508,966.72 yuan (tax included), accounting for 42.01% of the net profit attributable to the parent company in the consolidated financial statements for 2025. If, before the registration date of equity distribution, the company’s total share capital changes, the company will maintain the total distribution amount unchanged and adjust the distribution ratio per share accordingly.

The company will not issue bonus shares or transfer capital reserves to increase share capital in 2025.

As of the end of the reporting period, the parent company has unamortized losses and their impact on dividends and other matters.

□Applicable √Not applicable

Second Section: Basic Company Information

1. Company Introduction

■

2. Main Business Overview During the Reporting Period

In March 2025, the Ministry of Ecology and Environment announced the “Work Plan for the Coverage of the National Carbon Emission Rights Trading Market in Steel, Cement, and Aluminum Smelting Industries” (hereinafter referred to as the Plan), including cement industry into the national carbon market. According to the deployment, the Ministry of Ecology and Environment will implement the inclusion of steel, cement, and aluminum smelting industries into the national carbon emission rights trading market in two phases, aiming for a steady and orderly expansion of coverage, with 2024-2026 as the initiation phase and 2027 onwards as the deepening and improvement phase. Key emitters are units with annual greenhouse gas emissions reaching 26k tons of CO2 equivalent, included in the market. The market will improve carbon pricing mechanisms, optimize resource allocation for emission reduction, reduce overall social costs, and promote a more effective, vibrant, and internationally influential carbon market.

On July 1, 2025, the Sixth Central Financial Work Conference emphasized advancing the construction of a unified national market, focusing on key difficulties, regulating low-price disorderly competition, guiding enterprises to improve product quality, and promoting the orderly exit of backward production capacity. On the same day, the China Cement Association issued the “Opinions on Further Promoting Anti-Internal Competition, Stabilizing Growth, and High-Quality Development of the Cement Industry” (hereinafter referred to as the “Opinions”), proposing that all member enterprises actively respond to the interpretation of the “Capacity Replacement Implementation Measures for the Cement and Glass Industries (2024)” by the Ministry of Industry and Information Technology, promoting the unification of clinker production line filing capacity and actual capacity, and recognizing the importance of capacity replacement policies for optimizing industry structure and upgrading.

In August 2025, six ministries including the Ministry of Industry and Information Technology, Ministry of Natural Resources, Ministry of Ecology and Environment, Ministry of Housing and Urban-Rural Development, Ministry of Water Resources, and Ministry of Agriculture and Rural Affairs jointly issued the “Work Plan for Stabilizing Growth in the Building Materials Industry (2025-2026)” (hereinafter referred to as the Work Plan). The main goals are: recovery and growth of the industry, improved profitability, enhanced technological innovation, increased scale of green building materials and advanced inorganic non-metallic materials, and significant progress in green and digital development. The plan prohibits new clinker and flat glass capacities, requires capacity replacement plans for new or reconstructed projects, and restricts transfer of capacities between key pollution control areas. Cement enterprises must formulate capacity replacement plans before the end of 2025 for excess capacities, promoting the unification of actual and filed capacities, and phasing out outdated capacities with low environmental performance.

In August 2025, the General Office of the CPC Central Committee and the General Office of the State Council issued the “Opinions on Promoting Green and Low-Carbon Transformation and Strengthening the Construction of the National Carbon Market” (hereinafter referred to as the Opinions), clarifying that the carbon market is an important policy tool for actively responding to climate change and accelerating green transformation of the economy and society. China has established a mandatory emission reduction market for key emitters and a voluntary greenhouse gas reduction market. By 2027, the coverage of industrial sectors in the national carbon market will be basically complete, and the voluntary market will cover key areas. By 2030, a comprehensive system combining quota-based control, free and paid allocation, and international standards will be built, with transparent rules and broad participation, forming a carbon pricing mechanism with clear emission reduction effects.

In November 2025, the Ministry of Ecology and Environment issued the “Total Quota and Allocation Plan for the 2024-2025 National Carbon Emission Rights Trading Market for Steel, Cement, and Aluminum Smelting Industries” (hereinafter referred to as the “Carbon Quota Allocation Plan”), covering requirements, scope, calculation methods, issuance, settlement, and transfer of quotas. The plan stipulates that quotas for 2024-2025 are allocated free of charge based on unit output emissions, with lower emissions per unit leading to higher surplus. Key emitters must settle quotas with provincial environmental authorities by December 31 each year. The baseline transfer volume for key industries is set at 100k tons, with other rules referencing the 2023-2024 power industry quota plan. The plan promotes orderly reduction and safe decarbonization in industries.

In January 2026, five departments including the Ministry of Industry and Information Technology, National Development and Reform Commission, Ministry of Ecology and Environment, State-owned Assets Supervision and Administration Commission, and National Energy Administration issued the “Guiding Opinions on Zero-Carbon Factory Construction” (hereinafter referred to as the “Guidance”), defining zero-carbon factories as those achieving near-zero CO2 emissions through technological innovation, structural adjustment, and management optimization. The goal is to expand zero-carbon factories to industries like steel, non-ferrous metals, petrochemicals, building materials, and textiles by 2030, exploring new decarbonization paths, promoting design, financing, renovation, and management solutions, and significantly reducing factory carbon emissions.

The company’s main business: basic building materials and digital logistics.

(1) Main Business and Product Uses

The basic building materials business mainly involves manufacturing and sales of cement, clinker, ready-mixed concrete, and aggregates, used primarily in infrastructure such as roads, railways, bridges, and real estate development.

The digital logistics business is operated by the company’s holding subsidiary, Saima IoT, which manages the “WoZhaoChe” digital logistics platform. Focused on niche manufacturing logistics, it specializes in bulk vehicle transportation, fixed routes, and round trips, providing logistics transaction services, process management, and aftermarket services for shippers, consignors, logistics companies, drivers, and receivers.

(2) Business Model

The company’s cement, clinker, ready-mixed concrete, and aggregate businesses have integrated production, supply, and sales systems. Raw materials like limestone are mainly from self-owned mines with good quality. The company has mature cement production technology, and through technological upgrades and smart factory construction, energy consumption and costs are continuously reduced. Sales are mainly direct, supplemented by distribution, focusing on core markets and key projects, expanding civil markets, and consolidating regional market share.

Saima IoT uses the WoZhaoChe platform to undertake transportation for shippers. It acts as a non-vehicle-ownership carrier, providing intelligent process management, improving transportation efficiency, increasing transparency, and reducing logistics management costs. For actual carriers, it offers logistics solutions and organized transportation, optimizing processes, selecting suppliers, routes, and configurations. The platform also leverages traffic from transportation services to develop value-added aftermarket services like oil, tires, and other vehicle-related services.

3. Key Financial Data and Indicators

3.1 Main Financial Data and Indicators for the Past 3 Years

Unit: RMB

■

3.2 Quarterly Key Financial Data

Unit: RMB

■

Differences between quarterly data and disclosed periodic reports

□Applicable √Not applicable

4. Shareholder Information

4.1 Total number of common shareholders, shareholders with restored voting rights of preferred shares, shareholders holding special voting rights, and top 10 shareholders at the end of the reporting period and one month before the annual report disclosure

Unit: Shares

■

4.2 Ownership and control relationship diagram between the company and controlling shareholders

√Applicable □Not applicable

■

4.3 Ownership and control relationship diagram between the company and actual controllers

√Applicable □Not applicable

■

4.4 Total number of preferred shareholders and top 10 shareholders at the end of the reporting period

□Applicable √Not applicable

5. Company Bonds

□Applicable √Not applicable

Third Section: Major Events

1. The company shall disclose significant changes in operating conditions during the reporting period and matters with major impact or expected to have major impact, based on the principle of materiality.

In 2025, cement sales reached 26k tons, up 10.27% year-on-year; clinker sales were 0.8829 million tons, up 2.02%; ready-mixed concrete sales were 1.1391 million cubic meters, down 13.03%; aggregate sales were 6.4698 million tons, up 40.30%. Cement production was 10.7704 million tons, up 10.06%; clinker production was 7.6961 million tons, up 10.48%; aggregate production was 6.9364 million tons, up 32.69%. Operating revenue was 100k yuan, a decrease of 40.22%; operating costs were 10.67M yuan, down 44.24%; operating profit was 218.1049 million yuan, down 25.17%; total profit was 215.4277 million yuan, down 24.64%; net profit attributable to parent was 182.1117 million yuan, down 24.57%. Main products’ sales increased, but due to market demand decline and supply-demand conflicts, product prices fell, leading to a slight decrease in main business revenue. The digital logistics business saw reduced customer transactions and structural adjustments, causing declines in revenue and costs. Asset impairment provisions were made for capacity replacement and upgrade assets, resulting in decreases in profit indicators.

2. If the annual report discloses delisting risk warnings or termination of listing, the reasons should be disclosed.

□Applicable √Not applicable

Stock code: 600449, Short name: Ningxia Building Materials, Announcement No.: 2026-013

Ningxia Building Materials Group Co., Ltd.

Announcement of the Resolutions of the 36th Meeting of the Eighth Board of Directors

The company’s board and all directors guarantee that this announcement contains no false records, misleading statements, or major omissions, and bear legal responsibility for its truthfulness, accuracy, and completeness.

The notice and materials for the 36th meeting of the eighth board of directors were delivered via communication on March 13, 2026. The meeting was held on March 24, 2026, at 9:00 AM, combining on-site and video methods. Seven directors attended, all in person; senior management attended as non-voting participants, in compliance with the Company Law and Articles of Association. Chaired by Chairman Zhu Bing, the meeting passed the following resolutions:

1. Approved the “2025 Work Report of Ningxia Building Materials Group Co., Ltd. Board of Directors” (7 votes for, 0 against, 0 abstain). This proposal still requires approval at the shareholders’ meeting.

2. Approved the “2025 Independent Directors’ Work Report” (7 for, 0 against, 0 abstain). Details are available on the company’s website as of March 26, 2026. This proposal also requires shareholders’ approval.

3. Approved the “2025 CEO Work Report” (7 for, 0 against, 0 abstain).

4. Approved the “2025 Annual Report (Full Text and Summary)” (7 for, 0 against, 0 abstain). Details are on the website as of March 26, 2026. This was reviewed and approved by the company’s Audit Committee prior to the board.

5. Approved the “2025 Financial Final Accounts Report” (7 for, 0 against, 0 abstain). Also reviewed by the Audit Committee beforehand.

6. Approved the “2025 Profit Distribution Plan” (7 for, 0 against, 0 abstain). Details are on the website as of March 26, 2026. Also reviewed by the Audit Committee.

7. Approved the “2025 Internal Control Evaluation Report” (7 for, 0 against, 0 abstain). Details are on the website as of March 26, 2026. Previously reviewed by the Audit Committee.

8. Approved the “2025 ESG Report” (7 for, 0 against, 0 abstain). Details are on the website as of March 26, 2026. Previously reviewed by the Strategy and ESG Committee.

9. Approved the “2025 Board Authorization and Implementation Report” (7 for, 0 against, 0 abstain).

10. Approved the “2025 Strategic Plan Implementation Report” (7 for, 0 against, 0 abstain). Previously reviewed by the Strategy and ESG Committee.

11. Approved the “2025 Internal Control Management Report” (7 for, 0 against, 0 abstain).

12. Approved the “2025 Board Audit Committee Performance Report” (7 for, 0 against, 0 abstain). Previously reviewed by the Audit Committee.

13. Approved the “2025 Auditor Performance Evaluation and Supervision Report” (7 for, 0 against, 0 abstain). Previously reviewed.

14. Approved the “2026 Investment Plan” (7 for, 0 against, 0 abstain). Previously reviewed.

15. Approved the “Bank Credit Line Application” (7 for, 0 against, 0 abstain). The company and subsidiaries may apply for up to 5.6 billion yuan, with specific terms to be finalized in formal agreements. Valid until the next approval.

16. Approved the “External Guarantee Quota Estimate” (7 for, 0 against, 0 abstain). Details on the website.

17. Approved the “Internal Loan to Subsidiaries for 2026” (7 for, 0 against, 0 abstain). Up to 110 million yuan, with interest based on the LPR minus 89 basis points.

18. Approved the “Risk Assessment for Financial Business at China National Building Material Group” (7 for, 0 against, 0 abstain).

19. Approved the “Deregistration of Ningxia Tongxin Saima New Materials Co., Ltd.” (7 for, 0 against, 0 abstain). Authorization for liquidation and deregistration.

20. Approved the “Upgrade and Renovation of Tianshui Zhongcai Cement’s Clinker Production Line” (7 for, 0 against, 0 abstain). Investment of about 301 million yuan, with a 12-month construction period, capacity of 1.2 million tons/year.

21. Approved the “Dismantling of Equipment at Tianshui Zhongcai Cement” (7 for, 0 against, 0 abstain). Equipment with original value of 122 million yuan, net book value 4.16 million yuan.

22. Approved the “2026 Action Plan for Quality and Efficiency Improvement” (7 for, 0 against, 0 abstain).

23. Approved the “Adjustment of the Chief Legal Advisor and Chief Compliance Officer” (7 for, 0 against, 0 abstain). Ms. Lin Fengping will no longer serve; Ms. Jin Jing appointed.

24. Approved the “2025 Shareholders’ Meeting” (7 for, 0 against, 0 abstain). Scheduled for April 24, 2026, at 14:00, at the company’s premises and online.

This is the official announcement.

Ningxia Building Materials Group Co., Ltd.

March 24, 2026

Jin Jing, female, Hui ethnicity, born August 1993, graduate with master’s degree, qualified legal professional. Joined in June 2015, previously a full-time lawyer at Ningxia Bolue Law Firm, now at Guohao (Ningxia) Law Firm.

Stock code: 600449, Short name: Ningxia Building Materials, Announcement No.: 2026-014

2025 Profit Distribution Plan Announcement

The company’s board and all directors guarantee that this announcement contains no false records, misleading statements, or major omissions, and bear legal responsibility for its truthfulness, accuracy, and completeness.

Key points:

● Dividend per share: 0.16 yuan (tax included).

● The distribution is based on the total share capital registered on the record date, specific date to be announced.

● If the company’s total share capital changes before the record date, the total distribution amount remains unchanged, and the per-share ratio will be adjusted accordingly, with details to be announced separately.

● The plan does not involve circumstances that could trigger other risk warnings under Article 9.8.1, Item (8) of the Shanghai Stock Exchange Listing Rules.

● The plan has been approved by the company’s 36th meeting of the eighth board of directors and still requires approval at the shareholders’ meeting.

1. Profit Distribution Details

(1) Specifics of the plan

Dahua CPA (Special General Partnership) audited the company’s 2025 operating results and financial status. As of December 31, 2025, the company’s unallocated profit at the beginning of the year was 4.1679 billion yuan; cash dividends paid were 100.42 million yuan; no bonus shares were issued; net profit attributable to the parent was 2.4098 billion yuan. The remaining distributable profit is 4.3085 billion yuan. The company proposes to distribute profits based on the total share capital registered on the record date:

• Distribute 1.60 yuan (tax included) cash dividend per 10 shares. Total shares: 478,181,042; total cash dividend: 76,508,966.72 yuan, accounting for 42.01% of net profit attributable to the parent in the consolidated statements.

• No bonus shares or capital reserve transfer to increase share capital.

If the total share capital changes before the record date, the total distribution amount remains, and the per-share ratio will be adjusted accordingly, with details to be announced.

The plan still requires approval at the shareholders’ meeting.

(2) The company does not trigger other risk warning conditions

The cumulative cash dividends for 2023-2025 amount to 3.4B yuan, exceeding 30% of the average annual net profit over the last three years, so the company does not meet the conditions for other risk warnings under Article 9.8.1, Item (8) of the SSE Listing Rules.

2. Decision-making procedures

The plan was approved at the 36th meeting of the eighth board on March 24, 2026, in accordance with the company’s profit distribution policy and shareholder return plan. It still requires approval at the 2025 annual shareholders’ meeting.

3. Risk reminders

4. The plan considers the company’s development stage, future capital needs, and will not significantly impact operating cash flow or long-term development.

5. Implementation depends on approval at the 2025 shareholders’ meeting; investors should be aware of investment risks.

This is the official announcement.

Ningxia Building Materials Group Co., Ltd.

March 24, 2026

Stock code: 600449, Short name: Ningxia Building Materials, Announcement No.: 2026-017

Notice of the 2025 Annual Shareholders’ Meeting

The company’s board and all directors guarantee that this announcement contains no false records, misleading statements, or major omissions, and bear legal responsibility for its truthfulness, accuracy, and completeness.

Key points:

● Meeting date: April 24, 2026

● Voting system: SSE Shareholders’ Meeting Online Voting System

1. Basic info about the meeting

#水泥熟料生产线无法利旧的设备设施进行拆除，拆除资产包含天水中材1#1(Type and session of the shareholders’ meeting

2025 Annual Shareholders’ Meeting

)2(Convener: Board of Directors

)3(Voting method: combination of on-site and online voting

)4(Date, time, and location of on-site meeting

Date & Time: April 24, 2026, 14:00

Location: No. 219, East Street, JinFeng District, Yinchuan, Ningxia, JianCai Building, 16th Floor

)5(Online voting system, period, and time

System: SSE Online Voting System

Period: April 24, 2026, only on that day

Voting time: 9:15-9:25, 9:30-11:30, 13:00-15:00 (trading hours); online voting: 9:15-15:00 on April 24, 2026

)6(Procedures for margin trading, repo, and Shanghai-Hong Kong Stock Connect investors

Voting for accounts involved in margin trading, repo, or Shanghai-Hong Kong Stock Connect should follow relevant regulations, e.g., SSE Self-Regulatory Guidelines.

)7(Public solicitation of voting rights

None

2. Meeting agenda and voting shareholders

■

1. Disclosed time and media for proposals

All proposals were reviewed and approved at the 36th meeting of the eighth board on March 24, 2026. The resolution was announced on March 26, 2026, on the company’s designated disclosure media: China Securities Journal, Shanghai Securities Journal, Securities Times, and SSE website (www.sse.com.cn).

2. Special resolutions: None

3. Proposals requiring separate voting by small and medium investors: 1, 2, 3, 4, 5, 6

Related-party abstentions: None

Shareholders with multiple accounts can exercise voting rights for all their shares combined; votes are counted as the first vote cast for each proposal per account.

All votes must be completed before submission.

3. Attendees

)1(Shareholders registered at the Shanghai branch of China Securities Depository and Clearing Corporation as of the close of the record date, and may attend and vote in person or via proxy (proxy need not be a shareholder).

)2(Directors and senior management.

)3(Legal counsel.

)4(Others

4. Registration procedures

(1) Individual shareholders: present ID or other valid proof, and stock account card; proxies: power of attorney and ID.

(2) Corporate shareholders: stamped business license copy, legal representative ID, stock account card, ID; proxies: power of attorney signed by legal representative and ID.

(3) Remote shareholders: fax registration info to the company’s securities department.

(4) Registration period: April 18-23, 2026, 8:30-11:30, 13:30-16:30.

(5) Location: Securities Department, No. 219, East Street, JinFeng District, Yinchuan.

5. Other matters

(1) The on-site meeting lasts half a day; attendees cover their own travel and accommodation.

(2) Contact: 0951-2085256, 0951-2052215

This is the official announcement.

Ningxia Building Materials Group Co., Ltd.

March 24, 2026

Attachment 1: Power of Attorney

● Filing documents

Resolution of the Board of Directors proposing this shareholders’ meeting

Attachment 1: Power of Attorney

Power of Attorney

Ningxia Building Materials Group Co., Ltd.:

I hereby entrust [Name] (ID: ________) to attend the 2026 Annual Shareholders’ Meeting on April 24, 2026, and exercise voting rights on my behalf.

Shareholder’s total shares: ______

Preferred shares: ______

Shareholder account number: ______

■

Signature (stamp): Delegate’s signature:

ID number: ______ Delegate’s ID:

Date: ____ Year ____ Month ____ Day

Remarks:

Please select “Agree,” “Disagree,” or “Abstain” and mark “√”. If no specific instructions are given, the delegate may vote at their discretion.

Stock code: 600449, Short name: Ningxia Building Materials, Announcement No.: 2026-016

Ningxia Building Materials Group Co., Ltd.

Announcement on the 2026 “Quality and Efficiency Improvement” Action Plan

The company’s board and all directors guarantee that this announcement contains no false records, misleading statements, or major omissions, and bear legal responsibility for its truthfulness, accuracy, and completeness.

Main points:

• The company will implement the 2026 “Quality and Efficiency Improvement” action plan to promote high-quality development, optimize operations, and improve efficiency.

• Focus on core business, technological innovation, green transformation, and digitalization.

• Strengthen risk management, improve governance, and enhance investor returns.

• Promote technological upgrades, green production, and resource recycling.

• Maintain stable dividends, optimize investor communication, and improve transparency.

• Support sustainable growth and long-term value creation.

This is the official announcement.

Ningxia Building Materials Group Co., Ltd.

March 24, 2026