October 2026, Conch Cement entered into the Asset Transfer Agreement with Sichuan Yanyuan Jinguan Cement and Yanyuan Huiyan Building Materials: Yanyuan Conch Building Materials (with a registered capital of RMB200 million) jointly owned by Anhui Conch and Chongqing Conch acquired the 2500t/d clinker production line and supporting grinding system, land use right and limestone mining right of Jinguan Cement, as well as the shale mining right and aggregate production line of Huiyan Building Materials. The handover of assets was completed on November 1, and the target is designed to produce clinker annually. 77. What is the intention of this merger and acquisition transaction?
1. Main motivation: The clinker gap of Basu Conch is continuously expanding
. Basu Conch is the only clinker base of Conch in Xizang. The clinker line has reached 3000t/d after technical transformation, and the annual production capacity is about 930,000 tons; In terms of
demand growth, in March 2026, Conch disclosed that it had won the bid to supply 1.27 million tons of cement for the remaining works of the Ya'an-Nyingchi section of the Sichuan-Xizang Railway, amounting to about 8. The hydropower project in the lower reaches of the Yarlung Zangbo River will be started in July 2025, with a total investment of about 1.
On the supply side, Basu Conch's cement grinding station with an annual output of 700,000 tons will be started on September 17, 2026, and the official announcement clearly States that it "relies on the existing clinker resources in the plant area to reduce the transfer of cement from other places".
Table 1: Calculation of clinker supply and demand of Basu Conch (10,000 tons)
Data source: Cement Big Data (https://data.ccement.com/)
Data source: Cement Big Data (https://data) .ccement. In other words, the clinker required by Basu must be imported from outside the region, and the most controllable source outside the region is only its own production capacity. In
only half a year, Conch Cement has been laid out one after another:
in May, methanol heavy trucks serving Sichuan-Xizang Railway and Yaxia material transportation were put into operation in batches (50 units have been put into operation and 200 units are planned to be expanded); On July 23, China Tower Xizang Branch tendered for the construction of heavy truck charging stations in Yanjing and Mangkang on the Yunnan-Xizang line, and the tender documents clearly stated that "the main guarantee is the charging demand of heavy freight vehicles from Yunnan to Conch Cement Plant on the Yunnan-Xizang line". At the same time, it shows that the import of freight from Yunnan to Basu Conch has occurred normally.
On September 17, Basu Conch's 700,000-ton grinding station started construction.
On October 26, the second phase of the tower was tendered for the construction of three additional charging stations, including Zuogong Linda, which just filled the gap in the energy supply of the Mangkang-Basu section.
On October 28, Yanyuan Golden Crown Asset Transfer Agreement was signed. It is not a coincidence that
charging (replacement) infrastructure, grinding expansion and acquisition of clinker sources are coordinated within half a year, but the intentional layout of Conch Cement.
Data source: Cement Big Data (https://data.ccement.
The core issue of the economic account is very direct: Yanyuan clinker is transported to Basu and ground into cement for sale. Which is higher, the full cost per ton of cement or the local price? If it is much higher than local price, there is no profit. If it is lower than or roughly equal, it is feasible to guarantee supply.
Data source: Cement Big Data (https://data.ccement.com/)
Oil truck transportation is completely untenable: 0.42 ~ 0 according to the mountain trunk line. This is also the reason why "clinker supply to Xizang" is intuitively denied-under the existing oil truck logistics conditions, the denial is established.
However, if the electric card is used for transportation, there is a possibility that the economic account will be established.
The tower charging corridor is built around the conch cargo flow, which corresponds to the "own exclusive fleet cost" rather than market tariff caliber. According to the optimistic standard, the electric card freight rate is equivalent to 0.22 ~ 0.
Data source: Cement Big Data (https://data.ccement.
III.
Golden Crown is the only clinker line within 150 kilometers of Yanyuan and Muli, and the other six clinker lines in Liangshan Prefecture are all located in the east of the prefecture.
The local demand increment mainly comes from the surrounding infrastructure projects: the full-cycle cement demand of Baiwu Pumped Storage (1.7 million kW, about 40 km away from Jinguan, the main project period is 2027-2031) is about 400,000 ~ 700,000 tons; Xixiang Expressway (233 km of main line, 73.4% of bridge and tunnel ratio, total investment of 587. In the peak construction year of the middle reaches of Yalong River corridor (2028-2029), the total cement demand is about 850,000 to 1.4 million tons.
Table 2: Main demand projects
in the middle reaches of Yalong River 
At the same time, despite the limited market volume in Liangnan, the main hinterlands of Star Ship City, Southwest Cement and other enterprises in the state are misplaced with each other, and the possibility of win-win cooperation among large enterprises through market collaboration still exists. The production capacity of private enterprises has been collected and stored by the leading enterprises, and the industry integration has moved from slogans to transactions, which provides an exit template for similar small and medium-sized kiln lines.
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