Comprehensive review: In the first half of 2025, China Resources Building Materials Technology achieved an operating income of 10.206 billion yuan, a slight decrease of 1.03% over the same period last year; the net profit attributable to the parent company was 307 million yuan, a big increase of 84.99% over the same period last year. In the first half of this year, the Company continued to strengthen and optimize the three main businesses of cement, aggregate and concrete, giving full play to the advantages of integration and synergy, and achieved remarkable results in the extension of the industrial chain. The aggregate and concrete business effectively hedged the adverse impact of the decline in cement business, and the basic revenue remained relatively stable. At the same time, the company deepened the whole value chain to reduce costs and increase efficiency, the production cost decreased significantly, and the profit returned to the mother was better.
Figure 1 and 2: Revenue of China Resources Building Materials Technology in the first half of 2025, Profit trend
Data source: Cement big data (https://data.ccement.com/)
The cost of cement products decreased and the company's profit improved
. The main business of China Resources Building Materials Technology is cement, aggregate and concrete. Among them, cement revenue accounts for about 60%, occupying a dominant position. The company's business is distributed in eight provinces (regions) including Guangdong, Guangxi, Fujian, Yunnan, Hainan, Guizhou, Shanxi and Hunan, among which Guangdong and Guangxi are the core regions, accounting for about 70% of revenue. In the first half of this year, the downstream consumer market recovered fatigue, with the company's cement sales of 25.309 million tons, down 12.6% from the same period last year, but thanks to the higher cement prices than same period last year, coupled with the continued expansion of aggregate and concrete business, the company's revenue was basically stable. In the first half of 2025, the company realized business income of 10.206 billion yuan, a slight decrease of 1.03% compared with the same period last year.
Figure 3: Trend
of cement sales volume of main business Data source: Cement Big Data (https://data.ccement.com/)
Although the overall price of cement declined in the first half of this year due to weak demand and fierce competition, the price was relatively high at the beginning of the year. In addition to the low base of the same period last year, the company's cement product price per ton rose, cement price per ton 246.9 yuan/ton, up 3.78% year-on-year. In terms of production costs, the Company actively expanded procurement channels, optimized procurement methods and strived to reduce costs. During the period, the average purchase price of coal per ton was RMB681/ton, representing a year-on-year decrease of 17.8%, and the production cost of cement per ton was RMB197.27/ton, representing a year-on-year decrease of RMB11.84/ton or 5.66%. The price of cement products increased, the superimposed cost decreased, and the gross profit per ton increased significantly. Thanks to this, in the first half of this year, the company realized a net profit of 307 million yuan, an increase of 84.99% over the same period last year.
Table 1: Data
of tons of cement products of China Resources Building Material Technology in the first half of 2025 Source: Cement Big Data (https://data.ccement.com/)
In terms of major profit indicators, the comprehensive gross profit rate in the first half of 2025 was 18.49%. Earnings per share was RMB0.04, representing a year-on-year increase of 100%. The return on equity increased by 0.31 percentage point to 0.69% as compared with the same period last year, representing a significant increase as well. Affected by the increase in management costs, the company's three-fee rate reached 16.33%, an increase of 2.7 percentage points.
Table 2: Main financial indicators
of China Resources Building Material Technology in the first half of 2025 Data source: cement big data (https://data.ccement.com/)
concrete, In
the past two years, Huarun Building Material Science and Technology has given full play to the advantages of integration of cement, concrete and aggregate business, and vigorously exploited the market of concrete and aggregate. In 2024, concrete production capacity increased by 5.8 million square meters compared with 2023, and several aggregate projects were put into operation. In the first half of this year, the utilization rate of both production capacity has been improved. The release of production capacity has increased. From January to June 2025, the sales volume of concrete is 6.877 million cubic meters, with a year-on-year increase of 36%, and the operating income is 2.081 billion yuan, with an increase of 19.8%; the sales volume of aggregate is 36.336 million tons, with a year-on-year increase of 23.2%, and the operating income is 1.316 billion yuan, with an increase of 21.1%.
Figure 4: Revenue status of
three major businesses of China Resources Building Materials Technology Data source: Cement Big Data (https://data.ccement.com/)
Outlook for the second half of the year: Functional building materials have not yet emerged Greater
pressure on operating results In the second half of 2025, it is expected that the demand in Guangdong and Guangxi, where the Company mainly operates, will rebound slightly. In addition, facing the impact of low-price cement in the surrounding areas, the room for cement price increase is relatively limited, and it is difficult to catch up with the same period. In addition, although the company's artificial stone, natural stone and other functional building materials business has completed the national layout, but has not yet formed a scale effect, the current contribution is small, it is difficult to effectively develop in the short term. To sum up, the company's performance in the second half of the year is facing greater downward pressure. (This article does not constitute investment advice)
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