On March 24, Conch Cement released its 2025 performance report. After sorting out, the highlights are as follows:
I. Performance and Achievements
in 2025 (I) Core Performance: Industry Downturn. 1. Revenue increased
by 82.532 billion yuan, -9.33% year-on-year (dragged down by the decline in demand for real estate and infrastructure).
2. The net profit attributable to the parent company was RMB8.113 billion, representing a year-on-year increase of + 5.42%; the net profit after deduction of non-profits was RMB7.588 billion, representing a year-on-year increase of + 3.03%.
3. The comprehensive gross profit margin of our products was 27.76%, representing a year-on-year increase of + 2.95; basic earnings per share was RMB1.54, representing a year-on-year increase of + 5.42%.
4. The operating cash flow was RMB16.644 billion, representing a stable cash flow; the asset-liability ratio was 20.42%, representing a healthy financial structure. Achievements
in
operation and development 1. Extreme cost control: the comprehensive cost of cement clinker was -11.12%, the cost of fuel and power was -15.70%, and the effect of lean management and scale procurement was remarkable.
2. Production capacity and layout optimization
Clinker production capacity is 234 million tons, cement 415 million tons, aggregate 180 million tons and commercial mixing 70.25 million cubic meters.
· Domestic: completed the merger and acquisition of Xinjiang Yaobai Project, the relocation of Fenyi Conch, and the production of Wuhu/Zongyang Conch New Mill.
· Overseas: Conch in Phnom Penh, Cambodia is put into production, and the global layout is accelerated. The annual sales revenue of products in overseas regions was 5.846 billion yuan, an increase of 24.99% over the previous year, the gross profit rate was 43.31%, an increase of 10.98% over the previous year, and the gross profit per ton was about 108 yuan, nearly twice that of domestic business.
3. Extension of industrial chain: 9 aggregate projects, 22 commercial mixing stations and 13 dry-mixed mortar/ceramic tile glue projects were put into operation, and "cement +" was integrated.
4. Scientific and technological innovation breakthroughs
and nearly 400 authorized patents were obtained, and Zongyang Conch Intelligent Factory was selected as the outstanding level of the Ministry of Industry and Information Technology.
· Released the first large AI model in the building materials industry, covering 40 + production scenarios, reducing costs, improving efficiency and reducing carbon.
5. Green low-carbon leading
, all-green power plant, the first green power hydrogen production project in the cement industry, and 500 MW energy storage power station were put into operation.
Wind and solar energy storage capacity 1377 MW, 29 state-level green factories and 44 state-level green mines.
6. Rich returns to shareholders: the annual dividend is 0.85 yuan per share (0.24 yuan in the interim period + 0.61 yuan in the final period), with a dividend rate of 55.29% and a high proportion of cash dividends. Core highlights
of the
annual report 1. Profit resilience exceeded expectations: industry demand declined, revenue contracted, net profit increased by 5.42% against the trend, and leading cost and operational advantages were highlighted.
2. The gross profit margin increased against the trend: the gross profit margin of products was + 2.95, the decrease in cost far exceeded the decrease in selling price, and the profit quality improved.
3. AI and digital benchmarking: the first large AI model of building materials was implemented, the intelligent factory was awarded the national level, and the technology enabled the leading industry.
4. Milestones of green transformation: integrated layout of green electricity, green hydrogen and energy storage, and fruitful results of ESG and dual-carbon implementation.
5. High dividend + stable finance: the annual dividend rate exceeded 55%, the asset-liability ratio was only 20.42%, the cash flow was abundant, and the shareholders' return and risk resistance ability were excellent.
6. "Cement +" molding: aggregates, commercial mix and consumer building materials are rapidly released, the second growth curve is clear, and the cycle risk is hedged.
7. Overseas business became a new growth pole: overseas revenue increased by nearly 25% year-on-year, gross profit margin exceeded 43%, which was significantly higher than that of domestic business, and the scale of production capacity was in the forefront of Chinese cement enterprises overseas, which became the core support for hedging domestic cyclical fluctuations.
3. Work focus
in 2026 1. Business objective: The sales volume of cement clinker products is 260 million tons, and the cost per ton and the cost per ton remain stable.
2. Deepen the development of the main business: stabilize the stock and expand the increment, optimize the product structure; strictly control the fuel cost, improve the refined operation; promote the peak-shifting production and the "anti-involution" of the industry, stabilize the price and profit.
3. Investment and expansion
, capital expenditure of 11.820 billion yuan, focusing on mergers and acquisitions of major industries, industrial chain extension, green technological transformation and new quality productivity.
· Mergers and acquisitions in domestic advantageous regions + overseas key market expansion projects to improve the global layout.
4. Upgrading the industrial chain: expand the high-quality production capacity of aggregates and commercial mixing; fully cover consumer building materials and build a one-stop building materials service provider.
5. Innovation and green
, deepening the application of AI big model, digital enabling production and low carbon.
· Promote low-carbon cement, operate green power demonstration projects, and lay out CCER to convert carbon benefits.
6. Risk provention and control: to respond to demand fluctuations, industry competition and environmental policy pressure, and strengthen market research and compliance management.
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