of 2026, the decline in real estate investment continued to expand, infrastructure investment declined, and cement demand accelerated; Despite the low production of new lines and the increase of off-peak production, the demand has declined considerably, the effect of capacity management policy is not as good as expected, the contradiction of excess is still sharp, the market competition is extremely fierce, the price of cement fluctuates downward, and the rise of coal price pushes up the production cost of enterprises, thus expanding the loss margin of the whole industry.
Recently, cement listed companies have disclosed their performance in the third quarter of 2026, showing a pattern of "revenue contraction, profit reduction and loss expansion".
Among the 17 enterprises, the revenue of 16 enterprises declined year on year, and the net profit of 14 enterprises declined year on year. Among the 3 enterprises with net profit growth, Yatai Group reduced its losses slightly, and the substantial increase in the profit of Shangfeng Material mainly came from equity investment, not the main cement industry.
Huaxin Building Materials is the only enterprise whose revenue and net profit increased year on year, and its performance growth is mainly due to the steady release of new overseas production capacity and the increase in sales.
Generally speaking, the market situation is very grim, and there is limited room for profit repair in the short term.
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