According to incomplete statistics, there are about 31 listed companies developing commercial mixing business in A-share motherboard, Hong Kong stock and Taiwan stock, of which 7 companies take commercial mixing as their main business. In the semi-annual report of 2025, 24 listed companies disclosed specific mixed business income, while listed companies such as Shanghai Construction Engineering, Jinyu Group, Qingsong Jianhua, China Nengjian, Yatai Group, Suning Global and Anhui Construction Engineering did not disclose mixed business income data. With regard to the sales volume, selling price, gross profit margin and payment collection performance of listed companies in the first half of 2025, the detailed analysis is as follows:
First, nearly 70% of the enterprises'commercial mixed income declined. In the first half of
2025, 24 listed companies achieved a total revenue of 30.345 billion yuan, a decrease of 6.87% compared with the same period last year, a decrease of about 4.75 percentage points compared with the same period in 2024.
In terms of total revenue, in the first half of 2025, China's building materials realized commercial mixed revenue of 10.476 billion yuan, which is still the largest commercial mixed business enterprise in China. Secondly, Western Construction, Huaxin Cement, Huarun Building Material Science and Technology and Conch Cement, the top five listed companies achieved a total commercial mixed income of 26.102 billion yuan, accounting for 86.02% of the total commercial mixed income of 26 listed companies, an increase of about 1.91 percentage points compared with the same period in 2024. Finally, the mixed revenue of Tapai Group, Tailin Kejian, Asia Cement, Shangfeng Cement and Xinwei International in the first half of the year was between 0.47 billion yuan and 0.63 billion yuan, ranking in the bottom five.
In terms of income growth, in the first half of 2025, 16 listed companies'mixed business income decreased year-on-year, with a decline of more than 40% in Shandong Road and Bridge (-51.77%), Sansheng (-47.98%) and Shanshui Cement (-46.18%). The mixed revenue of the remaining 13 listed companies fell between 4.50% and 31.34% year on year.
At the same time, 8 listed companies achieved year-on-year growth in commercial mixed revenue. Among them, the largest increase was Tailin Kejian, whose business mixed income increased by 85.15% year on year; The remaining seven companies with increased revenue were Yunnan Jiantou Concrete (61.40%), Conch Cement (28.86%), Huarun Building Material Technology (19.83%), Gaoli Group (16.70%), Zhixin Group (14.00%), Shangfeng Cement (3.91%) and Xizang Tianlu (2.46%).
Table 1: Commercial Mixed Income of 24 Listed Companies in the First Half of 2023-2025 (Unit: 100 million yuan,%)
Data Source: Cement Big Data (https://data.ccement.com/)
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