Comprehensive review: In 2025, Conch Cement will achieve an operating income of 82.532 billion yuan, with a year-on-year decrease of 9.33%, and a net profit attributable to parent company of 8.113 billion yuan, with a year-on-year increase of 5.42%. Since this year, Conch Cement has actively coordinated the domestic and overseas markets to hedge the downside risks of domestic demand with a global layout, and the extension of the industrial chain has continued to deepen. Affected by the decline in both domestic volume and price, the company's operating income has declined to a certain extent, but thanks to the remarkable effect of cost reduction and efficiency enhancement, combined with the strength of overseas markets, the profit recovery has improved, the market share has increased, and the leading position in the industry has been further consolidated.
Figure 1 and 2: Conch Cement Revenue in 2025, Trend
of profit Source: Cement Big Data (https://data.ccement.com/)
Steady increase in market share and improvement
in profit indicators In 2025, we will face the continuous downward pressure on the demand of the domestic cement industry. Conch Cement adheres to the market management concept of "profit is the goal, share is the foundation", and strengthens the control of the terminal market and improves the quality of operation by optimizing the layout of production lines, integrating regional high-quality enterprises, and continuously reducing costs and increasing efficiency. Benefiting from the development of overseas factories and the increase in exports, the annual sales volume of cement clinker was 270 million tons, a slight decrease of 0.28% compared with the same period last year, of which the sales volume of self-operated products was 265 million tons, a decrease of 1.1% compared with the same period last year, far outperforming the overall level of the industry. It is estimated that the domestic market share of Conch Cement will exceed 14% in 2025, showing a steady growth trend for four consecutive years.
Figure 3: Conch Cement's market share steadily increased
Data source: Cement big data (https://data.ccement.com/)
It may be mainly affected by the continuous reduction of bulk raw material trading business and the decline in both volume and price of cement business. The company's revenue declined. In 2025, the annual operating income was 82.532 billion yuan, down 9.33% from the same period last year. Thanks to the decrease of coal price and raw material cost, the gross profit per ton of cement clinker increased to 63.8 yuan/ton, an increase of 5.2 yuan/ton compared with 2025, which led to the simultaneous improvement of the company's efficiency. The annual net profit was 8.113 billion yuan, an increase of 5.42% over the same period last year. In terms of other profit indicators, the comprehensive gross profit margin was 24.16%, representing an increase of 2.46 percentage points over the same period last year; the earnings per share was RMB1.54, representing a year-on-year increase of 5.48%; the return on equity increased by 0.13 percentage point to 4.27% over the same period last year, representing a slight increase.
Table 1: Main operating data
of Conch Cement in 2025 Source: Cement Big Data (https://data.ccement.com/)
In 2025, exchange rate fluctuations in overseas emerging markets will increase. The company's exchange loss expanded to 350 million yuan (120 million yuan in the same period in 2024), resulting in a significant decline in the income of the financial cost index, and the company's three-fee rate reached 9.64%, an increase of 1.69 percentage points. In February
2025, the 5000t/d production line of Conch KT Cement Co., Ltd. in Phnom Penh was ignited and put into operation. By December 2025, the overseas clinker production capacity of Conch Cement reached 16.46 million tons. The scale of overseas production capacity is second only to Huaxin Building Materials and Taiwan Cement. Over the past year, in the face of unilateral downward pressure on the domestic market, Conch Cement has increased its overseas market layout, and the sales volume, revenue and gross profit margin of overseas cement clinker have reached the best level in history. In 2025, the overseas revenue will be 5.846 billion yuan, with a year-on-year increase of 25%; the revenue will account for 7.1%, with an increase of 2 percentage points; the gross profit rate will be 43.31%, with an increase of 11 percentage points, far exceeding the domestic level.
Figure 4: Conch Cement's Overseas Revenue Continues to Grow
Data Source: Cement Big Data (https://data.ccement.com/)
Industry Extension Scale Expansion
In 2025, Conch Cement will continue to expand its extended industries such as aggregates, commercial mixing and consumer building materials while strengthening its main cement industry. Specifically, 9 aggregate projects such as Zongyang were put into operation, the aggregate production capacity was expanded to 180 million tons, the sales volume increased by 5%; the concrete production capacity was 70.25 million cubic meters, an increase of 18.35 million cubic meters, the sales volume increased by 36%, the business income was 3.21 billion yuan, an increase of 20%, and the market share increased significantly; Consumer building materials, ceramic tile glue as a starting point, to expand a variety of green building materials, consumer building materials sales in 2025 increased by 325%, the momentum of rapid development.
Figure 5: Conch Cement Commercial Blending Industry Gradually Becomes Bigger
Data Source: Cement Big Data (https://data.ccement.com/)
Market Outlook: The leading position continues to be consolidated
In 2026, it is expected that Conch will choose the opportunity to carry out valuable and rewarding mergers and acquisitions to further integrate the domestic market. According to the business plan of self-operated cement clinker sales of 260 million tons in 2026, it is expected that the market share will continue to increase. Overseas, it will speed up the layout of emerging markets such as Tanzania in Africa and promote the landing of overseas projects. Generally speaking, the domestic market is still the main force, and the downward demand coexists with fierce competition. In addition, new businesses such as consumer building materials and new energy have not yet formed a scale, and their contribution is relatively small. It is expected that the performance growth of Conch Cement will face greater pressure. (This article does not constitute investment advice)
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