Comprehensive review: In the first three quarters of 2026, Shangfeng Materials achieved an operating income of 2.952 billion yuan, a year-on-year decrease of 17.95%, and a net profit attributable to the parent company of 3.312 billion yuan, a year-on-year increase of 527.26%. Among them, the operating income in the third quarter was 1.113 billion yuan, down 16.04% from the same period last year, and the net profit returned to the mother was 1.948 billion yuan, up 592.86% from the same period last year. Cement volume and price fell, the main industry profit contracted, while semiconductor equity investment concentrated into the harvest period, supporting more than 90% of the profits, effectively hedging the adverse impact of the main industry downturn.
Figure 1 and 2: Revenue of Shangfeng Materials in the First Three Quarters of 2026, Profit Trend
Data Source: Cement Big Data (https://data.ccement.com/)
Decline in both sales volume and price of the main cement business dragged down the efficiency
In the first three quarters of this year, the sales volume of Shangfeng Materials Cement Clinker was 13.7727 million tons. The year-on-year decline was 2.67%, which was narrower than same period last year, with sales of 5.52 million tons in the third quarter, up 5.3% year-on-year, outperforming the industry. In the first three quarters, the export unit price of cement and clinker decreased by 17.3% and 16.8% respectively compared with the same period last year, and the price drop was the core drag of the benefit contraction. The aggregate sales volume was 7,804,200 tons, representing a decrease of 11.21%, and the gross profit margin was maintained at a high level, which was underpinned by the extended business. The collapse of cement prices has dragged down the profits of the main building materials industry.
Figure 3: Trend
of sales volume of cement products in the first three quarters of the year Data source: Cement Big Data (https://data.ccement.com/)
Equity investment concentrated cash income supports the overall situation
around 2019. Shangfeng Materials began to set foot in the equity investment business of semiconductor industry chain, such as crystal integration, to hedge with the main cement industry cycle. Since this year, the company has participated in the investment of Shenghe Jingwei, Changxin Science and Technology, Yuexin Semiconductor and so on, which have been listed one after another. The IPO of technology stocks has been centralized, and the investment income has soared to 4.233 billion yuan. The income brought by semiconductor equity investment effectively hedged the decline of the main cement building materials industry, and the company's profit reached a record high in the same period.
Figure 4: Investment income
in the first three quarters over the years Data source: cement big data (https://data.ccement.com/)
Packaging substrate drop molding The new quality business is still in the investment period
. In March 2026, the company acquired 75% equity of Meiqi Circuit through the acquisition and capital increase of Zhejiang Shangfeng Core Material, and began to consolidate in April to enter the IC packaging substrate track. The new quality business of packaging substrate in the strategic layout of "Troika" was formed. In June, a total investment of 600 million yuan was launched to carry out technological transformation and production expansion, with a monthly production capacity of 16,000 square meters in Jiangmen and 26,000 square meters in Huizhou. However, the new business is still in the "integration + construction + climbing" investment period, with a revenue of 25.501 million yuan and a loss of 11.7737 million yuan after the consolidated statement from April to September this year, which is difficult to make a positive contribution in the short term.
Revenue profit deviated from a number of indicators to a record high
cost side, operating costs of 2.304 billion yuan, down 8.72% year-on-year, the decline was less than revenue, the comprehensive gross interest rate dropped to 21.94%, down 7.92 percentage points. On the profit side, the net profit returned to the mother was 3.312 billion yuan, an increase of 527.26%, the net interest rate was 110.99%, and the return on equity was 31.48%, which increased by 95.68 and 25.58 percentage points respectively. On the expense side, the three-fee rate was 14.74%, a slight increase of 0.7 percentage points, which was due to the large contraction of income. Net profit deducted from non-attributable parent was only 151 million yuan, down 69.43%, of which 617700 yuan in the third quarter, down 99.71%, and the main business has slipped to the edge of profit and loss.
Table 1: Main operating data
of Shangfeng Materials in the first three quarters of 2026 Data source: Cement Big Data (https://data.ccement.com/)
Profit outlook: The main business is difficult to improve in the fourth quarter The high fluctuation of investment income remains to be observed
, and the cement side is hard to say optimistic. Demand will remain weak, prices will have limited room to push up, and it is expected that the profits of the main industry in the fourth quarter will be difficult to catch up with the same period last year. The bigger variable is on the investment side. Yuexin Semiconductor's earnings will be realized in the fourth quarter, but this is essentially a floating profit with the market, and its sustainability is doubtful. At present, there is a deep correction in the technology sector, and the profit and loss of the company's fair value change in the third quarter has turned negative, which is a direct reflection of the stock price fluctuation. To sum up, in the fourth quarter, the company's cement business profit will still be under pressure, and the investment business will face greater uncertainty. (This article does not constitute investment advice)
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