CNBM (03323) rebounded by nearly 7%. At the time of writing, the stock was up 6.53% to HK$5.38, with a turnover of HK$170 million. The surge follows a recent profit warning issued by CNBM, which forecasts a shareholder net loss of up to approximately RMB 4 billion for 2025, primarily due to asset impairment charges ranging from RMB 6 billion to RMB 8.3 billion related to cement capacity replacement. BofA Securities released a research note stating that the scale of the loss significantly exceeded its expectations. The brokerage believes its previous expectation of a full-year 2025 dividend yield of around 5% is now at risk. However, BofA views this asset impairment as a one-off event. With the window for cement capacity replacement set to close at the end of March, the bank sees limited room for further write-downs.