Recently, Guangdong Tapai Group said that in 2025, under the background of the continuous slowdown of infrastructure investment growth and the continuous deep adjustment of the real estate market, the demand of cement industry is difficult to be effectively improved. According to the data of the National Bureau of Statistics and Digital Cement Network, the cement output of the whole park in 2025 was 1.693 billion tons, down 6.9% from the same period last year, a new low since 2010. Cement prices showed a trend of "high before and low after, shock downward" throughout the year, and the market showed a grim situation of "weak benefit pressure despite price reduction". The total profit of the industry for the whole year is expected to be 29 billion yuan, which is at a low level.
From the Guangdong market where the company is located, according to the data of Guangdong Cement Industry Association, the cement consumption of Guangdong Province in 2025 was 131 million tons, down 5.98% from the same period last year.
In 2025, the Company achieved a cement sales volume of 16.0402 million tons, representing an increase of 1.14% as compared with the same period of last year; the sales volume of "cement + clinker " increased by 0.91% as compared with the same period of last year. This growth is mainly due to the adjustment of marketing ideas, the improvement of regional market climate, and the low base caused by the "616 flood" in the same period in 2024. The Company realized an operating income of RMB4.107 billion for the year, representing a year-on-year decrease of 3.99%; and realized a net profit attributable to shareholders of the listed company of RMB634 million, representing a year-on-year increase of 17.87%.
In the past year, the company has made both internal and external repairs to improve quality and efficiency. On the one hand, the Company continued to deepen cost reduction and efficiency enhancement, strictly controlled costs and reduced expenses. At the end of the year, the production capacity of the 5,000 t/d cement clinker production line of Xinda Rotary Kiln, a subsidiary of the Company, was supplemented to the two 10,000-ton production lines of Jiaoling Branch, optimizing the layout of production capacity and improving operational efficiency. On the other hand, we will actively study and judge the market situation, adopt flexible and diversified marketing strategies, accurately meet customer needs, deeply tap market strength, and cope with the pressure of declining cement demand. At the same time, the Group will accelerate the operation and management of the co-processing of solid waste in cement kilns, speed up the disposal of assets and equity interests of closed enterprises, strengthen investment management and risk control, make every effort to promote green and low-carbon transformation, and continue to enhance the core competitiveness of enterprises. In terms of
cost, the average sales cost of cement of the Company in 2025 will be RMB173/ton, representing a year-on-year decrease of 8.28%; the average sales price of cement will be RMB228/ton, representing a year-on-year decrease of 4.25%; the unit gross profit will be RMB54.69/ton, representing an increase of RMB5.5/ton as compared with 2024. The decrease of cost is greater than that of price, which makes the profitability of the main industry improve year on year, and the comprehensive gross profit rate increases by 2.37 percentage points year on year. In addition, benefiting from the continuous recovery of the capital market, the company's investment income (including floating earnings) increased year on year. However, due to the closure of subsidiary Xinda Rotary Kiln Cement Clinker Production Line at the end of the year, the company has made provision for impairment of assets and related dismissal benefits in accordance with the Accounting Standards for Enterprises, which has put pressure on profits in the fourth quarter.
The Company realized 366,200 tons of solid disposal in the whole year, with a significant year-on-year increase of 57.57%, and realized 127 million yuan of operating income from environmental disposal, with a year-on-year increase of 13.01%. The increase in revenue was less than increase in disposal volume, mainly due to the intensified competition, and the price of solid waste disposal decreased by a large margin.
Based on the profit situation in 2025 and the Shareholder Return Plan for the Next Three Years (2024-2026), in response to regulatory advocacy and the expectations of institutional investors, the company proposed a profit distribution plan for 2025 to distribute a cash dividend of 4.80 yuan (incl uding tax) per 10 shares, with a dividend ratio of 89%. It has responded to the concerns of investors about long-term stable returns with practical actions.
According to the data of the fourth quarter of 2025, the cement sales volume of the Company is 4.75 million tons, an increase of 1.35 million tons compared with the third quarter; the average price of cement is 218 yuan/ton, a decrease of 3 yuan compared with the previous quarter; the average cost is 163 yuan/ton, a decrease of 7 yuan compared with the previous quarter; the unit gross profit is 55 yuan, an increase of 4 yuan compared with the previous quarter.
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