Comprehensive review: In 2025, Western Cement achieved an operating income of 9.621 billion yuan, a year-on-year increase of 15.3%, a new record high; Net profit attributable to shareholders of listed companies was 880 million yuan, an increase of 40.2025 over the same period last year. Against the background of the continuous decline in cement demand in the domestic market, Western Cement chose to sell domestic high-quality assets to obtain development funds, while seizing the strategic opportunity of rapid release of production capacity in overseas emerging markets to achieve a substantial expansion of overseas business scale. Become the core pillar of the company's profitability.
Figures 1 and 2: Operating revenue and net profit attributable to parent company of Western Cement in 2025 (Unit: 100 million yuan,%)
Data source: Cement big data (https://data.ccement.com/)
The scale of revenue has reached a record high. The overseas market has become the main source
of income for cement and clinker sales. In 2025, Western Cement achieved an operating income of 9.621 billion yuan, an increase of 15% over the previous year. From the perspective of income structure, the income generated by cement and related building materials products was 7.953 billion yuan, accounting for 82.7% of the total revenue. The revenue growth of this business accounted for 24.1% of the total revenue increment; the property sales revenue was 813 million yuan, accounting for 8.4% of the total revenue, and the revenue growth of this business accounted for 63.7% of the total revenue increment; the total revenue of other businesses 8.
From the perspective of regional distribution, the overseas market has become the most important source of income for the company. In 2025, the company's overseas market realized business income of 4.701 billion yuan, an increase of 48.7% over the previous year, accounting for 48% of the total revenue. In contrast, the domestic market realized business income of 4.921 billion yuan, a decrease of 5. From the perspective of cement and clinker business, the sales revenue of cement and clinker in overseas market reached 4.132 billion yuan. Year-on-year growth of 83.4%, accounting for 52% of the total revenue of this business.
It is noteworthy that in 2025, the company confirmed that 8. This income belongs to non-recurring income. If it is excluded, the company's sustainable business income in 2025 will be about 8.808 billion yuan.
Figure 3: China and overseas revenue scale of Western Cement in 2025 (unit: 100 million yuan)
Data source: Cement Big Data (https://data.ccement.com/)
Profit contraction of domestic business.
In 2025, the total gross profit of Western Cement reached 2.459 billion yuan, an increase of 24.6% over the previous year, and the gross profit rate rose to 25.6%, an increase of 1. At the same time, the net profit of Western Cement reached 880 million yuan. From a regional
perspective, the gross profit contribution of the domestic business of Western Cement was approximately RMB500 million, representing a year-on-year decrease of approximately 25.4%; the gross profit contribution of the overseas business was approximately RMB1.960 billion, representing a year-on-year increase of approximately 50. The data showed that the profit of the domestic business continued to be under pressure, and the overseas business became the main driving force for the profit growth.
In 2025, the sales volume of cement and clinker of Western Cement in the domestic market will be 13 million tons, representing a year-on-year decrease of 18. Due to the poor demand performance, the average selling price of cement and clinker will drop to 251 yuan/ton, representing a year-on-year decrease of 6. Decrease in unit cost as compared with the same period last year 9. Affected by the above factors, the gross profit of cement and clinker in the domestic market in 2025 will be approximately RMB39 per tonne, representing a decrease of approximately RMB2 per tonne as compared with the same period last year. Under the background of simultaneous decline in sales volume and gross profit per ton, the profit of domestic cement business in Western China has contracted considerably.
Figure 4: Unit benefit of domestic cement and clinker of western cement in 2025 (unit: yuan/ton)
Data source: cement big data (https://data.ccement.
by the end of 2025, The annual cement production capacity of Western Cement in the overseas market reached 13.5 million tons, with a year-on-year increase of 9. With the full-year operation of the Lemi plant in Ethiopia and the capacity increase of the Andiyan plant in Uzbekistan, the sales volume of cement and clinker of Western Cement in the overseas market reached 8.8 million tons in 2025, with a year-on-year increase of 120%. The proportion of the company's total sales jumped from 20% in 2024 to 40%. Among them, Ethiopia sold about 4.6 million tons, Uzbekistan sold about 1.8 million tons, Mozambique and the Great Lakes region sold about 2.4 million tons. In terms of
sales price, the average selling price of cement and clinker in the overseas market in 2025 was RMB470/ton, representing a year-on-year decrease of 17. However, compared with the domestic market, the overseas average selling price was still about 87% higher. In terms of cost, with the advantages of scale effect and localized production, the overseas cost per ton in 2025 is about 299 yuan, which is basically flat compared with the same period last year. Under the comprehensive influence, the gross profit per ton in the overseas market in 2025 was about 171 yuan, down about 101 yuan per ton from the same period last year.
Despite the decline in unit efficiency, the profit contribution brought by scale expansion is considerable. In 2025, Western Cement achieved a total gross profit of approximately 19 in the overseas market. During the reporting period, the profit growth of Western Cement mainly relied on the potential release of overseas assets.
Figure 5: Unit benefit of cement and clinker of Western China in 2025 (unit: yuan/ton)
Data source: Cement Big Data (https://data.ccement.2025
August, Western Cement completed the sale of all its cement businesses in Xinjiang Province to Anhui Conch Cement Co., Ltd. for a total price of approximately 16.
The Xinjiang cement market benefited from its geographical location and policy advantages, and its profitability was significantly higher than national average. Western Cement has chosen to sell its assets in Xinjiang for the following three reasons: 1. The senior notes issued by Western Cement (with a principal of US $600 million) will expire in July 2026, and funds are needed to repay or replace debts; 2. The overseas layout of Western Cement still needs financial support; 3; 3. As an internal high-quality asset, Xinjiang Cement Project has relatively high liquidity and value, which can help Western Cement to obtain sufficient funds in time. After the completion of the sale of assets in
Xinjiang, Western Cement has rapidly promoted debt optimization and overseas expansion. In December 2025, Western Cement completed the acquisition of CILU Cement Plant in the Democratic Republic of the Congo, acquiring a cement production capacity of 1.2 million tons at a purchase price of about 1. The acquisition expanded its business territory to the western part of the Democratic Republic of the Congo, echoing the Eastern Great Lakes Cement Plant, achieving nationwide sales coverage and becoming the largest cement producer in the region.
In the same month, Western Cement redeemed the principal of US $400 million of the US $600 million senior notes issued in July 2021 (the remaining US $200 million principal was also redeemed in March 2026), and issued a new US $400 million senior notes (coupon rate 9.
In addition, although Western Cement has recovered some funds through the sale of assets, its overseas expansion is still consuming funds, failing to achieve deleveraging, and the net debt of the company has further risen to 9.965 billion yuan, an increase of 10.5% over the same period of last year. Net gearing ratio reached 71.6%, representing a year-on-year increase. 6
. Table 1: Part of the financial data
of Western Cement in 2025 Source: Cement Big Data (https://data.ccement.Overseas, the Uganda project has been put into operation in the first quarter, the capacity utilization rate of Ethiopia Lemi plant and Congo (DRC) CILU project still has room for improvement, and the construction demand of African countries is strong, the overseas business scale of western cement is likely to continue to expand, and the potential of performance growth is continuously released. However, considering the high cost of financing and the stricter foreign exchange control in some countries, Western Cement may continue to face financial pressure.
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