On November 12, Conch Cement held a performance presentation in the third quarter of 2025. Wang Manbo, the representative of the company's securities affairs, said that in the first three quarters of 2025, the national cement market opened high and went low, especially since the second quarter, showing a trend of "falling volume and price, pressure on efficiency". The structural contradiction between supply and demand is becoming more and more prominent.
From the demand side, from January to September, the national fixed asset investment fell by 0.5% year-on-year, and the annual interest growth rate showed negative growth for the first time. From January to September, the national cement output was 1.259 billion tons, down 5.2% year on year.
From the supply side, peak-staggering production is tight before and loose after, and the implementation of peak-staggering production in the industry is better in the first quarter. Since the second quarter, due to the continuous decline of market demand, the intensity of peak-staggering is not enough, and the implementation deviation is large, resulting in the intensification of the contradiction between supply and demand, and the weakening of the market.
From the perspective of cement prices , in the first three quarters, the national cement prices showed a general trend of high before and low after, and downward shocks.
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