According to UBS, in the second quarter, the net profit of Conch Cement under China's accounting standards dropped by 53% to 1.8 billion yuan, falling short of the bank's expectation of 2 billion yuan. The mid-term net profit accounts for 36% of the market's expectations for its full-year profit, lower than 63% and 62% in the previous two years. The bank has lowered its profit forecast for Conch Cement from 2021 to 2026 by 7% to 9%, reflecting a downward adjustment in cement price forecast. The target price has been raised from HK$17 to HK$17.7, with a predicted price-to-book ratio of 0.45 for next year, maintaining a "neutral" rating. Regarding the company's own cement and clinker business, based on the year-on-year sales volume in the second quarter, the bank expects Conch Cement to achieve market share growth under a 10% contraction in the industry. The bank also pointed out that despite multiple rounds of price increases announced since the second quarter in the Yangtze River Delta region, the company's cement price has further declined to 52 yuan per ton, due to intensified competition within the region. Since August, there has been a continuous decline in cement prices, thus the bank expects cement profitability to continue to be under pressure in the third quarter.