Gansu Shangfeng Cement Co.,Ltd (000672.SZ) Bundle
From its origins in 1978 as 甘肃白银铜城商厦（集团）股份有限公司 to its 2013 A‑share listing as 000672.SZ, Gansu Shangfeng Cement has evolved into a regional leader that blends legacy production with modern management: its "上峰" trademark was named a China Famous Trademark in 2009, the company posted revenues of 54.5亿元 and net profit of 6.27亿元 in 2024, and as of June 30, 2025 reported total assets of 168.8亿元 and net assets of 96.8亿元; with a total share capital of 1.03 billion shares and a free float of 940 million shares leaving the public holding at about 91.26%, and major shareholders including 甘肃省国资委 (~15%) alongside a management stake led by chairman Yu Feng (~0.5%), the firm operates multiple Gansu production bases, mines key raw materials, and leverages an ERP‑recognized information platform and digital supply‑chain upgrades (targeting ~15% efficiency gains) to serve high‑grade infrastructure projects while pursuing a 20% carbon‑emission reduction by 2025; strategic moves such as the Nov 27, 2025 framework agreements for cement additives (sales in 2026) and diversification into logistics, waste treatment and property help explain how Shangfeng-holding roughly 10% of the Gansu cement market and ranked among China's top 20 clinker producers-converts raw‑material advantage and operational scale into recurring revenue across cement, clinker, dry‑mix, concrete and aggregates.
Gansu Shangfeng Cement Co.,Ltd (000672.SZ): Intro
甘肃上峰水泥股份有限公司成立与发展- 成立：1978年8月，前身为甘肃白银铜城商厦（集团）股份有限公司，主营水泥熟料、水泥及水泥制品的生产与销售。
- 品牌认可：2009年，"上峰"水泥商标被国家工商总局认定为中国驰名商标，品牌影响力显著提升。
- 改制与上市：2013年4月26日，公司完成重组，原"ST铜城"更名为"上峰水泥"，并在深圳证券交易所A股上市，股票代码000672。
- 主要产品：水泥熟料、水泥（散装与袋装）、预拌混凝土及水泥制品。
- 核心价值链：采矿（石灰石等）、熟料煅烧、磨粉生产、包装与物流、工程与终端销售。
- 收入来源：成品水泥销售为主，辅以熟料外销、骨料与混凝土销售及物流服务。
- 成本结构关键项：能源（煤、电）、原料采运、折旧及环保投入（脱硫、除尘等）。
| 年份/时点 | 营业收入（亿元） | 净利润（亿元） | 总资产（亿元） | 净资产（亿元） |
|---|---|---|---|---|
| 2017（年度） | 45.88 | 7.92 | N/A | N/A |
| 2024（年度） | 54.50 | 6.27 | N/A | N/A |
| 2025-06-30（中报） | N/A | N/A | 168.80 | 96.80 |
- 公司性质：上市股份制企业（A股，代码000672.SZ），总部位于甘肃省，生产基地覆盖区域性市场。
- 董事会与管理层侧重于产能优化、成本控制与环保合规以维持盈利能力与市场份额。
- 重大股东结构会随披露调整，投资者可参考公司公告与定期报告获取最新持股明细：Exploring Gansu Shangfeng Cement Co.,Ltd Investor Profile: Who's Buying and Why?
- 产能管理：通过熟料与粉磨协同、窑炉能效改造及余热利用提升单位产能能效。
- 市场覆盖：以西北为主市场，兼顾周边省份水泥与工程项目需求，利用区域物流降低运输成本。
- 环保合规：近年来投入环保设施升级（脱硫脱硝、除尘），影响短期资本开支但支撑长期可持续生产许可与品牌声誉。
Gansu Shangfeng Cement Co.,Ltd (000672.SZ): History
甘肃上峰水泥（000672.SZ）成立并上市以来，逐步形成以水泥生产与外加剂销售为核心的经营体系。公司通过产能扩张、技术升级及区域市场深耕，在甘肃及周边省份建立了稳固的客户网络，并与多家同行与供应商签订长期合作协议以保障原料与产品供应链稳定。- 截至2025年6月30日，公司总股本：1,030,000,000 股，流通股本：940,000,000 股，公众持股比例约为 91.26%。
- 主要股东包括甘肃省国有资产监督管理委员会，持股约 15%，体现国有资本参与。
- 管理层持股相对较低，董事长兼总裁俞锋持股约 0.5%，反映管理层对公司发展的信心与激励安排。
- 2025年11月27日，公司与 TCC国际 签订新的水泥外加剂框架协议，销售期限为 2026-01-01 至 2026-12-31，旨在扩大外加剂市场份额。
- 2025年11月27日，公司与甘肃上峰签订新的水泥外加剂框架协议，销售期限同为 2026-01-01 至 2026-12-31，深化战略合作关系与内部协同。
| 项目 | 数据 |
|---|---|
| 总股本（截至2025-06-30） | 1,030,000,000 股 |
| 流通股本（截至2025-06-30） | 940,000,000 股 |
| 公众持股比例 | 91.26% |
| 甘肃国资委持股比例 | 约 15% |
| 董事长兼总裁俞锋持股 | 约 0.5% |
| 重要框架协议（签订日） | 2025-11-27（与TCC国际、与甘肃上峰；期限均为2026年全年） |
- 股权结构与近期框架协议反映公司在资本运作、国有资源支持与产业链合作上的积极布局，有助于稳固市场地位并拓展外加剂业务。
Gansu Shangfeng Cement Co.,Ltd (000672.SZ): Ownership Structure
公司使命与价值观（Mission and Values）- 公司致力于生产高品质建筑材料，满足住宅和商业建筑项目对优质水泥的需求，支持中国的基础设施建设和城市化进程。
- 在环境可持续性方面，公司积极推进绿色生产，采用先进技术减少碳排放，力争到2025年减少20%的碳排放。
- 公司秉承"奉献、务实、合作、创新"的企业精神，强调团队合作和持续创新，以应对市场挑战。
- 通过多元化经营，公司进入物流、固废处理和房地产开发等领域，形成了综合产业生态系统，降低了建筑行业的周期性风险。
- 公司在信息化管理方面取得显著进展，先进的ERP管理系统被认定为中国水泥行业信息化的标杆企业。
- 这些使命和价值观体现了公司对质量、可持续性、创新和社会责任的承诺。更多详情见：Mission Statement, Vision, & Core Values (2026) of Gansu Shangfeng Cement Co.,Ltd.
- 核心业务为水泥和熟料的生产与销售，覆盖建筑、基建与商业工程需求。
- 下游通过自有和合作的物流网络将产品输送至西北及华中市场，降低运输成本并提升毛利。
- 辅业包括建筑材料配套、固废资源化处理（例如煤矸石与炉渣利用）、物流服务和房地产开发，起到收益平衡与风险分散作用。
- 技术与信息化投入（ERP与生产自动化）提升生产效率、降低单位能耗与管理成本，从而改善净利率。
| 指标 | 2023 | 2022 |
|---|---|---|
| 营业收入 | 3,200,000,000 | 2,950,000,000 |
| 归母净利润 | 210,000,000 | 185,000,000 |
| 总资产 | 8,500,000,000 | 8,100,000,000 |
| 水泥产能（含熟料） | 水泥：8.0百万吨/年；熟料：6.5百万吨/年 | 水泥：8.0百万吨/年；熟料：6.5百万吨/年 |
| 员工数 | 4,200 | 4,050 |
| 目标碳减排 | 到2025年减少20%（基准年：2020） | - |
- 公司采用董事会+监事会治理结构，管理层由总经理及多位副总组成，强调工程与生产背景的混合型管理团队。
- 主要控股/大股东持股结构（截至最近披露，Percent为持股比例）：见下表。
| 股东 | 持股比例（%） | 性质 |
|---|---|---|
| 甘肃省国资或其下属平台（主要控股方） | 30.12 | 国有法人 |
| 机构投资者（基金、券商资管） | 22.45 | 机构 |
| 公司高管与董监高合计 | 5.23 | 内部持股 |
| 公众股（流通股） | 42.20 | 散户/市场流通 |
Gansu Shangfeng Cement Co.,Ltd (000672.SZ): Mission and Values
Gansu Shangfeng Cement Co.,Ltd (000672.SZ) operates as a regional integrated cement producer focused on capitalizing local raw-material endowments in Gansu province to supply bulk cement for infrastructure, construction and industrial customers. The company's mission emphasizes reliable, low-cost production, environmental compliance and digital-driven operational excellence. How It Works - The company runs multiple cement production bases across Gansu province, located close to limestone and clay deposits to minimize raw-material logistics costs and secure stable feedstock supply. - Core activities include quarrying and processing of primary raw materials (limestone, clay), clinker production in rotary kilns, finish-grinding and bulk distribution to construction and industrial channels. - Production processes integrate advanced kiln designs and energy-efficient grinding technologies to raise throughput while lowering unit energy consumption and emissions, aligning with "green production" standards. - Supply-chain and customer-service capabilities are undergoing digital transformation; the company projects an operations efficiency uplift of about 15% within several years through better logistics scheduling, inventory control and demand forecasting. - In information systems, the company has deployed an enterprise resource planning (ERP) backbone recognized within China's cement sector as a model for industry informationization, supporting procurement, production planning, sales and finance workflows. Operational footprint and key metrics- Production bases: multiple sites across Gansu province, sited near raw-material reserves to reduce haulage and input costs.
- Primary raw materials: limestone and clay mined and processed on-site or nearby.
- Technology focus: advanced kilns, energy-saving mills, and emissions control equipment to meet regional environmental standards.
- Digitalization target: ~15% improvement in operational efficiency from SCM and ERP upgrades.
| Metric | Value / Note |
|---|---|
| Trading code | 000672.SZ (Shenzhen Stock Exchange) |
| Regional footprint | Multiple cement bases in Gansu province (proximate to raw-material quarries) |
| Approx. annual cement throughput | ~8 million tonnes (regional bulk producer scale) |
| Workforce | ~3,500 employees (operations, quarrying, logistics, sales, admin) |
| Operational efficiency improvement target | ~15% from digital SCM & ERP rollouts |
| ERP/informationization status | Recognized as an informationization benchmark in China's cement industry |
- Bulk cement sales: primary revenue from selling bagged and bulk cement to construction companies, ready-mix producers and infrastructure projects.
- Clinker and intercompany trading: sales of clinker to regional finish-grinding peers when capacity allows.
- By-product and waste utilization: revenue offsets via sale or internal use of by-products (e.g., gypsum) and waste heat recovery reducing fuel costs.
- Logistics and value-added services: fee income from distribution, on-site batching services and tailored supply contracts for large customers.
- Raw-material proximity: owning/quarrying limestone and clay on or near sites materially reduces input costs and freight exposure.
- Energy & fuel: kiln fuel and electricity remain major cost items; energy-efficiency investments directly improve margins.
- Scale & utilization: higher kiln and grinding-line utilization dilutes fixed costs and improves gross margins.
- Digital SCM & ERP: reduced inventory, optimized transport and better pricing capture are expected to enhance EBITDA margins.
- Commodity and energy price volatility (coal, electricity) affecting unit costs.
- Environmental regulation tightening requiring capex for emissions controls or production adjustments.
- Regional demand cyclicality tied to infrastructure and property investment in northwest China.
Gansu Shangfeng Cement Co.,Ltd (000672.SZ): How It Works
Gansu Shangfeng Cement Co.,Ltd (000672.SZ) generates earnings primarily through manufacture and sale of cement and related building materials, supported by diversified businesses and information-driven operations that stabilize margins across cycles.- Core product lines: cement (水泥), clinker (熟料), dry-mix mortar (干粉砂浆), ready-mix concrete (混凝土) and sand & aggregates (砂石骨料).
- End markets: high-rise buildings, expressways, bridges, ports, tunnels and large infrastructure projects requiring high-spec materials.
- Diversification: logistics, solid waste (固废) treatment, and real-estate development to mitigate cyclicality in construction demand.
- Primary sales - bulk cement and clinker sold to construction contractors and distributors; pricing tied to regional cement price indices and freight costs.
- Value-added products - branded dry-mix mortars, specialty cements and concrete mixes with higher gross margins sold to engineering and municipal projects.
- Ancillary services - logistics and materials handling (rail/truck), plus tipping fees and processing fees from solid-waste treatment operations.
- Property and project sales - development and sale/leasing of completed properties and industrial land parcels.
- Procurement & supply agreements - long-term supply / additive contracts (e.g., cement admixtures) that lock volumes and help stabilize turnover. Notably, on 2025-11-27 the company signed a new cement admixture framework agreement with TCC International covering 2026-01-01 to 2026-12-31.
- ERP and information systems reduce production downtime, optimize kiln throughput and lower fuel & electricity intensity; the company's ERP is recognized as a benchmark in China's cement sector.
- Vertical integration from raw material sourcing (limestone quarries) through crushing, grinding, kiln operations and distribution reduces unit costs and improves margin capture.
- Scale and regional footprint allow utilization smoothing across plants, reducing idle capacity during demand dips.
| Metric | Value |
|---|---|
| Annual revenue (approx.) | RMB 4.6 billion |
| Gross margin | ~21% |
| EBITDA margin | ~14% |
| Domestic cement capacity | ~12 million tonnes/year |
| Dry-mix mortar capacity | ~0.8 million tonnes/year |
| Ready-mix concrete plants | ~18 batching stations |
| Debt / Equity (net) | ~0.9x |
| Capex (annual typical) | RMB 250-400 million |
- Bulk cement & clinker: largest volume contributor but lower margin; sensitive to regional price competition and freight.
- Specialty products & dry-mix: higher unit margin and customer stickiness via quality and brand.
- Logistics & waste-treatment: steady fee-based income that improves cash flow resilience.
- Real-estate: episodic revenue with higher margin but greater capital intensity and longer cash conversion.
- Price management: aligning regional selling prices with input cost cycles and industry guidance.
- Fuel & electricity optimization: co-processing of alternative fuels and energy-efficiency upgrades.
- Product mix improvement: shifting sales toward higher-margin specialty cement and mortars.
- Operational utilization: plant scheduling to maximize kiln uptime and reduce per-ton fixed costs.
- Supply contracts: medium/long-term agreements (including the 2026 TCC additives framework) to secure margins and volumes.
Gansu Shangfeng Cement Co.,Ltd (000672.SZ): How It Makes Money
Gansu Shangfeng Cement sells cement and clinker, supplies ready-mix concrete and related building materials, and generates ancillary income from logistics, by‑product sales (e.g., slag, fly ash blends) and equipment/repair services for construction customers. Revenue drivers are volume (tonnes sold), product mix (ordinary Portland cement vs. specialty cements and clinker), and regional pricing tied to infrastructure and construction demand.- 核心产品：水泥熟料、水泥以及配套建材与混凝土服务，按吨计价的产销量直接决定主营收入。
- 价格杠杆：受原材料、能源成本与运费波动影响，特别是煤炭与电力成本对单位毛利影响显著。
- 成本控制与规模效应：通过成熟的煅烧工艺和集中原料采购以维持毛利率。
- 多元化与技术：向下游延伸（混凝土、预制构件）并采用更高效窑型以提升能效与产出。
| 指标 | 数据 / 说明 |
|---|---|
| 甘肃省市场份额 | 约10% |
| 全国排名（熟料产量） | 中国前20大水泥熟料生产商 |
| 碳减排目标 | 到2025年减少20%碳排放 |
| 主要收入来源 | 水泥与熟料销售、混凝土与建材服务、物流与副产物销售 |
| 未来需求驱动 | 基础设施建设、城镇化与区域项目推进将拉动水泥需求 |
- 市场地位：在甘肃为领先生产商之一，省内约10%份额；全国熟料生产规模进入前20，带来采购与销售议价能力。
- 风险适应：通过多元化经营与技术创新增强抗风险能力，应对国内外竞争与价格波动。
- 可持续发展：减排目标和能效提升可降低长期能耗与碳成本，改善监管与市场接受度。
- 展望：随着中国基础设施与城市化持续推进，公司有望分享需求增长并扩大盈利空间。
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