Western Construction (002302. SZ) announced that in order to optimize the company's asset structure, China Construction Commercial Concrete, a wholly-owned subsidiary of the company, intends to transfer its 70% stake in Xijian Zhongli through public listing on the property exchange.
The listing price shall not be lower than 70% of the equity value corresponding to the appraisal value filed by the competent state-owned assets authority, and the final transaction price shall be subject to the actual transaction results of the property rights exchange. After the completion of this equity transfer, China Construction Commercial Concrete will no longer hold the equity of Xijian Zhongli, and Xijian Zhongli will no longer be included in the scope of the company's consolidated statements.
The announcement said that Xijian Zhongli was registered in Huangpi District of Wuhan City in May 2022. Influenced by market environment, industry policy and other factors, the development of Xijian Zhongli business is slow. In order to control the investment risk, after careful assessment, the company intends to transfer all the shares of Xijian Zhongli held by Zhongjian Commercial Concrete, a wholly-owned subsidiary.
Financial data show that in the first quarter of 2025 and 2026, the operating income of Xijian Zhongli was 0, with a loss of 244000 yuan and 605000 yuan respectively. As of March 31, 2026, the total assets of Xijian Zhongli were 9.95 million yuan, and the total liabilities were 19,600 yuan.
As of the benchmark date of July 31, 2025, the appraisal value of the total shareholders'equity of Xijian Zhongli is 10.4456 million yuan, and the appraisal value-added rate is 3.57%. The price of this public listing is not less than 70% of the equity value corresponding to the appraisal value filed, that is, the base price of the listing is 7.3119 million yuan, and the final transaction price is subject to the actual transaction results of the property exchange. The main business of
Western Construction is the production and sale of ready-mixed concrete, cement and dry-mixed mortar.
The company's revenue has declined for four consecutive years, from 26.926 billion yuan in 2021 to 18.108 billion yuan in 2025. At the same time, the company lost money for two consecutive years, with net profits of-263 million yuan and-730 million yuan in 2024 and 2025, respectively. In 2026, the performance of western construction continued to decline. In the first quarter, the operating income was 3.18 billion yuan, down 14.92% year-on-year; the net profit loss attributable to parent company was 225 million yuan, slightly narrowed year-on-year.
Since 2024, the company has accumulated losses of more than 1.2 billion yuan, and asset optimization is conducive to enterprises to effectively respond to the downward challenges of market demand.
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