Comprehensive review: In 2025, the operating income of Western Construction [002302] will be 18.108 billion yuan, a year-on-year decrease of 11.01%, and the net profit attributable to shareholders of listed companies will be -730 million yuan, a year-on-year decrease of 177.Overall, the main business scale of Western Construction will shrink in 2025. The price and cost of commercial mixing have declined asymmetrically, the profit margin has been further compressed, it is difficult to cover the operating costs of enterprises, and the overall loss has increased significantly. In addition, the pressure of industry repayment has not been significantly alleviated, and the liquidity index of western construction has further deteriorated. Figure
1 and Figure 2: In 2025, the revenue of western construction will continue to decline, and the net loss attributable to parent company will expand (unit: 100 million yuan,%)
Data source: cement big data (https://data.ccement.com/)
The number of orders signed will still increase.
In 2025, a total of 57.9277 million cubic meters of commercial concrete were sold in western construction, down 1.56% year-on-year, and the growth rate was 2% lower than that in 2024. During this period, the contracted volume of concrete supply projects in western construction was 153 million cubic meters, an increase of 2.82% year-on-year. In Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area and other key regions, the number of contracts signed reached 85.19 million square meters, accounting for 55. Among them, 209 major projects with a single contract volume of 100000 square meters or more, totaling 3966.
From the signing of major projects, Guangdong, Fujian, Shandong and Yunnan have the most obvious increase in orders. Compared with the same period last year, it increased by 2.99 million square meters, 1.21 million square meters, 1.12 million square meters and 1.05 million square meters respectively; the most obvious reduction of contracted orders was in Hunan Province, which decreased by 4.55 million square meters compared with 2024. In addition, in 2025, Western Construction also signed 5 major projects in Indonesia, Thailand, Malaysia and Cambodia, with a total order volume of 1.59 million square meters, representing a year-on-year increase of 234.
During the reporting period, Western Construction continued to improve its market layout in major strategic regions of the country, with a total of 35 new mixing stations in the above regions. At the same time, we will intensify our efforts to expand overseas markets, add six new factories and stations in Southeast Asia, make breakthroughs in infrastructure business in Africa, and promote market research and pre-layout in the Middle East and Central Asia. With the gradual improvement of the strategic layout of the domestic market, the construction of the western region has shifted part of its focus to overseas markets, and its expansion efforts have increased significantly compared with the past. Continuous development of new markets is an important reason why the construction of the western region can still maintain the growth of orders and relatively stable sales scale under the background of the continuous shrinkage of the total demand of the industry.
Figure 3: Contract volume and sales volume of commercial concrete in western construction in recent five years (Unit: 10,000 square meters,%)
Data source: Cement Big Data (https://data.ccement. Among them, Shaanxi, Sichuan, Shanghai, Guangdong, Jiangxi and Hunan markets have a year-on-year decline of more than 200 million yuan. The total revenue fell by more than 2.1 billion yuan, accounting for 65% of the total revenue reduction, which is the main area causing the annual revenue decline. In addition to the continued contraction in the traditional market, Shanghai, Guangdong and other new markets have also experienced a significant decline in revenue scale, indicating that the stability of orders in some new markets in the western construction still needs to be further improved.
At the same time, the business income of Western Construction in 10 other regions at home and abroad increased year on year. Among them, the Zhejiang market grew fastest, with revenue growth reaching 280 million yuan, an increase of about 165.2% over the same period last year; The second is the Beijing, Hebei and Jiangsu markets, with annual revenue increments of 160 million yuan, 140 million yuan and 110 million yuan, respectively, up 129.6%, 24.7% and 18.
In 2025, the revenue share of western construction in traditional dominant markets such as Sichuan, Hunan, Hubei, Shaanxi and Xinjiang dropped to 30.5%, a further decrease of 3.3 percentage points compared with 2024; Revenue in major strategic regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area and Hainan Free Trade Port accounted for 44.6%, up about 4.8 percentage points from the same period last year; Overseas markets such as Indonesia, Thailand, Malaysia and Cambodia accounted for 2.9% of the total revenue, an increase of about 1. Data show that the western construction has basically completed the strategic layout optimization and adjustment of the domestic market during the 14th Five-Year Plan period.
Figure 4: Changes in operating revenue of western construction by region in 2025 (Unit: RMB 10,000)
Data source: Cement Big Data (https://data.ccement. Under this background, the competition intensity in the domestic commercial mixing market has increased significantly, and the overall price decline has far exceeded the cost side. The total profit of the industry dropped by nearly 30%.
Western construction, as a ready-mixed concrete enterprise with national layout, is difficult to avoid being involved in market competition, and the price and cost of commercial mixing have also declined asymmetrically, and the profit margin has been greatly squeezed. In 2025, the unit price and cost of concrete business in Western Construction dropped to 300 yuan per square meter and 287 yuan per square meter respectively, with a year-on-year decline of 10.1% and 7.
Costs such as sales expenses, management expenses and financial expenses are difficult to be effectively covered, resulting in further losses of enterprises. In 2025, the net profit attributable to the parent company of Western Construction dropped to -730 million yuan, with a year-on-year decrease of 177.
Affected by this, the turnover days of accounts receivable and bills of Western Construction increased to 455.52 days, representing a year-on-year increase of 11.24%, and the provision for credit impairment losses increased to RMB332 million.
As a result, the balance of cash and cash equivalents at the end of the period decreased to RMB1.980 billion, representing a year-on-year decrease of 39.71%, and the cash ratio decreased to 9.86%. Year-on-year decrease 7.
Table 2: Operation of some financial indicators of western construction in 2022-2024 (Unit: 100 million yuan, day,%)
Data source: Cement Big Data (https://data.ccement. However, from the cost side, The increase of value-added tax and the rise of domestic oil prices will further increase the cost pressure of the concrete industry. At the same time, the industry is still difficult to achieve a balance between supply and demand in the short term, the market competition is expected to remain fierce, the price of concrete is likely to remain low throughout the year, and the path of cost pressure transmission to the downstream is not smooth. Affected by the above factors, the profit margin of the main business of western construction will continue to maintain a low level, and it will be more difficult to turn losses into profits.
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