Comprehensive review: In the first half of 2025, the operating income of western construction was 9.021 billion yuan, a year-on-year decrease of 8.85%, and the net profit attributable to shareholders of listed companies was -96 million yuan, a year-on-year decrease of 1810. Overall, the layout of the western construction market is still being optimized and adjusted, and the volume and price of concrete business have declined. The loss margin has increased year on year.
Figures 1 and 2: Revenue and net profit attributable to parent company of Western Construction in the first half of 2025 (unit: 100 million yuan,%)
Data source: cement big data (https://data.ccement.com/)
Sales volume of commercial mix declined slightly. Continuous optimization and adjustment
of strategic layout In the first half of 2025, a total of 27.3541 million cubic meters of commercial concrete were sold in the western construction, a decrease of about 0.99% compared with the same period last year, and the growth rate declined 5. In the first half of 2025, the contracted volume of concrete supply projects in the western construction was 83.4852 million cubic meters, an increase of 4. The number of contracts signed in major national strategic regions reached 44.38 million square meters, with a year-on-year growth rate of 8%, accounting for more than 50% of the total number of contracts signed in the first half of the year; the number of contracts signed in overseas markets increased by 173% year-on-year. In addition, the number of major projects with a single contract volume of 100,000 square meters or more reached 117, totaling 1923.
During the reporting period, new orders for construction in the western region continued to be concentrated in major strategic regions of the country, especially in Zhejiang, Guangdong and Beijing markets, with a year-on-year growth rate of more than 20%. At the same time, with the projects in Southeast Asia being put into use one after another, the number of new orders signed in overseas markets has shown rapid growth. With the growth of new orders, the mixed sales of Western builders declined only slightly compared with the same period last year, and the decline was significantly lower than overall level of the country. Further increase in
market share Figure 3: Contract volume and sales volume of ready-mixed concrete in western construction in recent five years (Unit: 10,000 square meters,%)
Data source: Cement Big Data (https://data.ccement. Among them, Sichuan Province had the largest decrease in revenue, with a year-on-year decrease of about 310 million yuan; Secondly, the revenue of Shanghai and Shaanxi markets decreased by 280 million yuan and 2 yuan respectively compared with the same period last year. The total revenue of Western Construction in the three regions decreased by 790 million yuan, accounting for 48% of the total revenue reduction. Western Construction's revenue in Hunan, Hubei, Xinjiang and other traditional dominant markets fell by 21.6%, 10.7% and 9%, respectively.
Meanwhile, Western Construction achieved year-on-year growth in revenue in the remaining 11 markets at home and abroad. Among them, Zhejiang market benefited from a large number of newly signed orders, with revenue increment of nearly 200 million yuan, an increase of 131.3% over the same period last year, and the revenue ranking rose from 20th to 13th; followed by Jiangsu market, with revenue increment of 160 million yuan in the first half of the year, an increase of about 20.3% over the same period last year, surpassing Guangdong to become the second largest business market in western construction; In
addition, in overseas markets, the revenue of Cambodia, Thailand and Malaysia increased by 0.6 billion yuan, 0.2 billion yuan and 180 million yuan respectively compared with the same period last year, while the revenue of Indonesia decreased by 0.5 billion yuan compared with the same period last year.
Overall, in the first half of 2025, the proportion of revenue from western construction in major strategic regions such as Beijing-Tianjin-Hebei, Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area reached 44.7%, a further increase of about 5.2 percentage points over the same period last year; The revenue share of traditional dominant markets such as Sichuan, Hunan, Hubei, Shaanxi and Xinjiang dropped to 30.5%, which continued to decline by about 4.7 percentage points compared with the same period in 2024; The proportion of revenue in overseas markets reached 2.5%, a slight increase of 0. It can be seen that the proportion of revenue in key markets of western construction continued to increase, and the strategic layout continued to be optimized and adjusted.
Figure 4: Changes in revenue of western construction by region in the first half of 2025 (Unit: 10,000 yuan)
Data source: Cement Big Data (https://data.ccement. Meanwhile, affected by the price increase in the second half of last year, the upstream cement price was higher than same period last year. The cost pressure of concrete is more prominent. Affected by this, the sales profit margin of the domestic concrete industry is less than 1.5%, and the total profit of the whole industry has decreased by 26.
As the largest professional ready-mixed concrete listed company in China, Western Construction has a market distribution all over the country, deeply participates in market competition, and its profit margin has also been significantly reduced. In the first half of 2025, the unit price and cost of concrete business in western construction were 313 yuan per square meter and 295 yuan per square meter, respectively, with a year-on-year decline of 9.6% and 8.
The domestic concrete market as a whole was in a state of intensified competition, coupled with the intention of western construction to enhance the market share of key regions, it was impossible to avoid participating in competition. Profit margins have fallen sharply. In the first half of 2025, the net profit attributable to the parent company of Western Construction dropped to -96 million yuan, with a year-on-year decrease of 1810.39%. After deducting non-recurring gains and losses, the loss reached 1.
Table 1: Main Operating Data of Western Construction in the First Half of 2023-2025 (Unit: 100 million yuan, Data source: Cement Big Data (https://data.ccement.)
During the reporting period, the scale of accounts receivable and notes of Western Construction reached RMB26.673 billion, representing a year-on-year increase of 4.07%, and the turnover days reached 472.56 days, representing a year-on-year increase of 3.3
%. The net cash flow generated from operating activities of Western Construction was RMB-915 million, representing a year-on-year decrease. 11. The Company's cash flow continued to decrease, with the balance of cash and cash equivalents at the end of the period falling to RMB2.181 billion, representing a year-on-year decrease of 13.00%, and the cash ratio falling to 10.41%.
Table 2: Operation of Some Financial Indicators of Western Construction in the First Half of 2023-2025 (Unit: 100 million yuan, day,%)
Data Source: Cement Big Data (https://data.ccement. Meanwhile, The overall demand of the concrete industry has declined significantly, the market participants have insufficient awareness of competition and cooperation, the probability will maintain a high intensity of market competition, and the price of concrete is easy to fall and difficult to rise. In addition, the average purchase price of raw materials such as cement in the second half of the year is expected to be lower than that in the first half of the year, and the cost pressure will ease slightly, but the profit margin will remain low. In this context, the scale of western construction revenue will face contraction pressure, and it is still difficult to achieve profitability throughout the year.
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