Comprehensive comments: In the first half of 2025, the operating income of Western Cement was 5.418 billion yuan, an increase of 46.37% over the same period last year, and the net profit attributable to shareholders of listed companies was 748 million yuan, an increase of 93% over the same period last year. In addition, through the sale of property to obtain a large amount of non-recurring income, the construction of the western region to achieve simultaneous growth in revenue and profits. Figure
1 and Figure 2: Operating revenue and net profit attributable to parent company of Western Cement in the first half of 2025 (Unit: 100 million yuan,%)
Data source: Cement big data (https://data.ccement.com/)
The scale of revenue increased significantly. In the first half of
2025, Western Cement realized an operating income of 5.418 billion yuan, an increase of about 46% over the same period last year. Among them, the income generated by cement and related building materials products was 4.269 billion yuan, an increase of about 806 million yuan over the same period last year. In addition, during the reporting period, the revenue generated by the sales of cement properties in Western China reached 797 million yuan, which was not the case in the same period last year, and the revenue growth of this business accounted for 46% of the total revenue increment. During the reporting period, the sustainable income from the main business of cement and building materials in the west and the non-recurring income from the sale of properties increased significantly, and the total revenue reached a new high level in the same period in history. Even after deducting non-recurring income, the total revenue of Western Cement is still at the highest level in the same period in history, indicating that its business scale has expanded significantly.
Regionally, the domestic market realized business income of 3 billion 70 million yuan, an increase of about 29.00% over the same period last year; The overseas market realized business income of 2.348 billion yuan, an increase of about 77% over the same period last year. The overseas investment of Western Cement was gradually realized, and the growth rate of business scale was significantly higher than that in China, accounting for 43.34% of the total revenue. The proportion increased by about 7% compared with the same period last year.
Figure 3: China and overseas revenue scale of Western Cement in the first half of 2025 (unit: 100 million yuan)
Data source: Cement Big Data (https://data.ccement.com/)
At the same time, During the reporting period, the sales revenue of cement and clinker in the Chinese market was about 1.862 billion yuan, a decrease of 4.53% over the previous year, accounting for 47.88% of the total revenue of the business; The sales revenue of cement and clinker in the overseas market reached RMB2.027 billion, representing a significant year-on-year increase of 82.83%, accounting for 52% of the total revenue of this business. From the data perspective, with the successive production of overseas cement production lines and the release of production capacity, the overseas market has become the largest source of revenue for the cement and clinker business of Western Cement. In the first half of
2025, the total gross profit of Western Cement reached 1.627 billion yuan, an increase of 67.18% over the previous year, and the gross profit rate rose to 30.03%. Increase as compared with the same period of last year 3.
The increase in product selling price of cement and clinker business and the decrease in production cost were the main reasons for the improvement in profitability of Western Cement. During the reporting period, China maintained the price of cement by increasing the way of peak staggering and production restriction, coupled with the relatively high base at the beginning of the year, Western Cement disclosed that the average price of cement was 355 yuan/ton, which increased by 11 yuan/ton compared with the same period last year, an increase of about 3. The cost of raw materials, fuels, labor and other factors has been reduced, and the cost per ton has decreased by 16 compared with the same period last year. Among them, due to the decline in coal and limestone prices, the cost of coal and electricity in the production process has decreased by 8.6 yuan per ton and 3.3 yuan per ton, respectively. Decrease in limestone cost 2.
Table 1: Main operating data
of Western Cement in the first half of 2025 Source: Cement Big Data (https://data.ccement.2025) In the first half of 2025, the period expenses of Western Cement totaled 813 million yuan, an increase of 56% over the same period last year. Financial expenses amounted to RMB248 million, representing a year-on-year increase of 217. The increase in financial expenses of Western Cement was mainly due to the decrease in capitalized interest, that is, with the commencement of production of projects in Africa, financing costs were transferred from the balance sheet to the consolidated income statement, and interest expenses gradually became apparent.
Figure 4: Capital expenditure and financial pressure of Western Cement in the first half of 2025 (Unit: 100 million yuan,%)
Data source: Cement Big Data (https://data.ccement. In this context, Western Cement is facing higher financial expenditure pressure. However, with the gradual realization of profits and the optimization of domestic assets to obtain funds, the risk of debt repayment is expected to be alleviated.
The domestic profit comes from the improvement of efficiency, and the overseas profit comes from the growth
of scale. In terms of sub-regions, during the reporting period, Western Cement created a gross profit of 680 million yuan and 950 million yuan in the domestic and overseas markets, respectively, with a year-on-year increase of 88.9% and 55. But the profit growth mechanism is different. In the first half of
2025, the sales volume of cement and clinker in the domestic market of Western Cement was 6.65 million tons, a year-on-year decrease of 8.3%, and the sales revenue of cement and clinker dropped to 1.86 billion yuan, a year-on-year decrease of 4. During this period, the average sales price of cement and clinker was about 280 yuan/ton, an increase of 4.1%. As a result, the unit gross profit of the domestic cement and clinker business recovered to RMB64/tonne, representing a year-on-year increase of 68. It can be seen that the increase in gross profit of the domestic cement market in Western China was mainly due to the increase in unit product output efficiency.
Figure 5: Unit Benefits of Domestic Cement and Clinker of Western Cement in the First Half of 2025 (Unit: yuan/Ton)
Data Source: Cement Big Data (https://data.ccement.com/)
For the overseas market, By the end of June 2025, Western Cement has a total cement production capacity of 13.6 million tons in Ethiopia, Uzbekistan, Mozambique, Congo, Rwanda and Tanzania, with a year-on-year increase of 86. In the first half of 2025, the utilization rate of cement production capacity of Western Cement in overseas markets reached 61.3%.
With the growth of production capacity and the improvement of utilization rate, the sales volume of cement and clinker of Western Construction in overseas markets reached 4.17 million tons, an increase of 178.0% over the same period last year, and the sales revenue reached 2.03 billion yuan, a significant increase of 82.
The average selling price of cement and clinker in overseas markets dropped to RMB486/ton, representing a year-on-year decrease of 34.2%, and the unit gross profit dropped to RMB181/ton, representing a year-on-year decrease of 44. From the perspective of unit product efficiency, after the release of the production capacity of the new plant in Ethiopia, the local price dropped significantly, and the price and profit of Uzbekistan were lower than those of the African market. The unit product output benefit of western cement in overseas markets has declined. Therefore, the growth of gross profit in the Western Cement Africa market is mainly due to the expansion of scale.
Figure 6: Unit benefit of overseas cement and clinker of Western Cement in the first half of 2025 (unit: yuan/ton)
Data source: Cement Big Data (https://data.ccement. overseas, Some areas may still face political conflicts and other factors, but with the gradual release of production capacity and increasing market share, it will continue to bring incremental performance to Western Cement. On the whole, in the second half of the year, the overseas business of Western Cement is likely to continue the momentum of scale expansion, coupled with the sale of domestic assets will generate a large amount of non-recurring income, the annual performance is more likely to achieve growth.
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