Comprehensive review: In the first half of 2025, BBMG Jidong achieved an operating income of 11.761 billion yuan, a year-on-year increase of 4.82%; the net profit attributable to the parent company was -154 million yuan, a year-on-year decrease of 80.94%. In the first half of this year, the Company firmly promoted the key tasks of "ensuring efficiency, optimizing layout and stabilizing growth", and its operating income grew against the trend, outperforming the industry as a whole; the effect of cost control and reduction was obvious, the degree of loss was greatly reduced, and new breakthroughs were made in the special action of turning around losses.
Figure 1 and 2: Revenue of BBMG Jidong in the first half of 2025, Profit Trend
Data Source: Cement Big Data (https://data.ccement.com/)
The effect of revenue growth and cost reduction is obvious
. Jinyu Jidong is the largest cement group company in northern China. Its business area covers North China, Northeast China, Northwest China (Shaanxi), Southwest China (Chongqing), Central China (Henan, Hunan) and East China (Shandong), with a market share of more than 50% in the Beijing-Tianjin-Hebei region, which has an absolute advantage. In the first half of this year, the company's total sales volume of cement clinker was 37.38 million tons, down 2.1% from the same period last year. Benefiting from the lower price of cement in the same period, the average sales price of cement clinker was 245.6 yuan/ton, up 1.8% year on year. Cement clinker business income was 9.18 billion yuan, basically the same as the same period last year. In addition, the company's other businesses grew substantially, coupled with the continuous improvement of the aggregate sector, the company's operating income grew against the trend, outperforming the industry market.
Figures 3 and 4: Sales
of Jinyu Jidong Cement Clinker in the First Half of 2025 Data Source: Cement Big Data (https://data.ccement.com/)
From the perspective of regions, North China accounts for the largest proportion of revenue, exceeding 70%. And an increase of 4.5% year-on-year, or affected by the return of real estate investment, cement production in Hebei increased, which led to an increase in revenue in North China. Shaanxi is the company's second largest source of revenue, accounting for 8.48%, down 0.86 percentage points from the same period last year. Benefiting from the low price of cement in the same period last year and the acquisition of Shuangyashan and Hengwei Cement Companies in Heilongjiang and Liaoning, the revenue of Northeast China increased by 12.6% year on year, and the proportion of revenue increased to 8.59%. The rest of the region accounts for a relatively small proportion, which has little impact on the company's overall revenue.
Figure 5: Revenue Proportion of
BBMG Jidong by Region Source: Cement Big Data (https://data.ccement.com/)
In the first half of this year, the Company further promoted the special action of "cost control and efficiency improvement". And that production cost is obviously reduce. Specifically, the procurement cost of raw materials and fuels decreased by 20.4% as compared with the same period last year. Affected by this, the cost per ton of cement clinker decreased by 9.91%, which was more than that of major listed companies in the industry. Combined with the increase in sales price, the gross profit per ton of cement clinker of the Company increased by 103.59% as compared with the same period last year, recording 50.86 yuan per ton. The significant decrease in cost was the main factor driving the Company to reduce losses substantially.
Table 1: Tons
of cement clinker of BBMG Jidong in the first half of 2025 Data source: Cement big data (https://data.ccement.com/)
Other businesses In addition to cement and clinker, the main business
of Jinyu Jidong also includes aggregates, slag powder, admixtures, network logistics and coal trade. In the first half of this year, the company actively developed and promoted new products such as slag powder and admixtures, and strengthened the development of new businesses such as network logistics and coal trade. The revenue of other businesses reached 1.46 billion yuan, an increase of 75.5% over the previous year, and the contribution of revenue growth was 116.3%. At the same time, the company accelerated the progress of aggregate production line layout, adding 6.5 million tons of aggregate production capacity in the first half of the year, and the aggregate business realized revenue of 750 million yuan, reaching the highest level in the same period in history.
Figure 6: Other businesses of BBMG Jidong, Aggregate revenue double growth
Source: Cement Big Data (https://data.ccement.com/)
Outlook for the second half of the year: Limited room for price growth and greater
pressure to turn losses into profits In terms of demand, the Company is located in regions other than Beijing-Tianjin-Hebei region. It is expected that the overall sales volume of cement clinker of the Company will continue to decline, and the decline may expand. At the price level, due to the lack of demand support for the rise, coupled with the increasing difficulty of enterprise coordination, it is expected that the cement price will have limited room to rise, and it is difficult to reach the level of the same period last year. On the whole, the pressure of turning losses into profits in the second half of the year is greater. (This article does not constitute investment advice)
浙公网安备33010802003254号