Comprehensive review: In 2025, China Resources Building Materials Technology will achieve an operating income of 21.055 billion yuan, with a year-on-year decrease of 8.61%; the net profit attributable to parent company will be 479 million yuan, with a year-on-year increase of 127.33%. In the context of the overall pressure of the cement industry, the company gave full play to the advantages of integration and synergy, and achieved adverse growth in aggregate, concrete sales and revenue, to a certain extent, hedging the adverse impact of the decline in cement volume and price; At the same time, the company deepened cost reduction and efficiency enhancement, the cost of cement products decreased significantly, the management cost and financial cost continued to improve, the profit attributable to the parent company increased significantly, and the profitability recovered significantly.
Figure 1 and 2: Revenue of China Resources Building Materials Technology in 2025, Profit Trend
Data Source: Cement Big Data (https://data.ccement.com/)
Main Cement Business: Decrease in both volume and price, increase
in gross profit per ton 2025, Affected by multiple adverse factors such as weak demand in the main business areas, overcapacity in the industry and fierce market competition, the sales volume of cement clinker of CR Building Materials Technology was 55.421 million tons, representing a year-on-year decrease of 10.2%, and the average sales price was RMB228.4 per ton, representing a year-on-year decrease of 6.3%. Under the influence of both volume and price, the operating income of cement products was 12.66 billion yuan, down 15.8% from the same period last year, and the cement business was under great downward pressure.
Figure 3: Both volume and price of cement products of CR Building Material Technology decrease
Data source: Cement Big Data (https://data.ccement.com/)
The Company has achieved remarkable results in cost control through continuous optimization of procurement strategies and expansion of procurement channels. Actively reduce the purchase cost of core raw materials such as coal and electricity, the cost of cement per ton will fall to 189.3 yuan per ton in 2025, down 8.5% from the same period last year, the decline is greater than decline in price, the gross profit per ton will rise to 39.1 yuan against the trend, an increase of 2.3 yuan per ton over the same period in 2024, and the gross profit rate of cement business will rise from 15.1% in 2024 to 17.1%. Increase by 2 percentage points, highlighting the results of cost reduction and efficiency enhancement. However, due to the large decline in sales volume, the gross profit of cement business still declined, and the gross profit of cement products in 2025 was 2.16 billion yuan, down 4.7% from the same period last year.
Table 1: Data
of tons of cement products of China Resources Building Materials Technology in 2025 Data source: cement big data (https://data.ccement.com/)
Sales volume of aggregate concrete flying together Revenue growth
aggregate business is the company's most eye-catching growth pole. In 2025, the aggregate sales volume of the company will reach 85.596 million tons, with a year-on-year increase of 23.4%; the aggregate business income will be 2.885 billion yuan, with a year-on-year increase of 14.3%. The capacity utilization rate was as high as 95.9%, an increase of 10 percentage points over the same period last year, fully demonstrating the strong operational capacity of the aggregate business. By the end of 2025, the company's annual aggregate production capacity reached 115 million tons, and the new production capacity of 9.7 million tons/year in Shiniuling, Guigang, Guangxi was completed in the year, and the production capacity layout continued to improve. However, due to the fierce market competition and increased operating costs, the gross profit margin of aggregate business decreased significantly. In 2025, the company's aggregate gross profit was 690 million yuan, down 22.5% year on year.
Figure 4: Two-way growth
in sales volume and revenue of aggregate business of CR Building Material Technology Data source: Cement Big Data (https://data.ccement.com/)
The concrete business also performed well. In 2025, the company's concrete sales volume will be 15.407 million cubic meters, with a year-on-year increase of 18.3%, and the operating income will be 4.389 billion yuan, with a year-on-year increase of 5.5%. During the year, five new mixing stations were added, with an annual production capacity of 3.5 million square meters, and the scale of concrete business continued to expand. The gross profit margin of concrete increased from 12.2% in 2024 to 14.3%, an increase of 2.1 percentage points, and the gross profit was 630 million yuan, an increase of 23.6% over the same period last year.
Figure 5: Sales volume of concrete business of China Resources Building Materials Technology, Revenue continued to grow
Data source: Cement Big Data (https://data.ccement.com/)
Significant optimization of three expenses Significant profit growth
In terms of cost control, the Company's three expenses in 2025 were significantly improved. Selling expenses amounted to approximately RMB421 million, representing a slight decrease of 0.9% as compared with the same period of last year. Administrative expenses amounted to approximately RMB2.427 billion, representing a decrease of 7.7% as compared with the same period of last year, which was mainly due to the significant decrease in impairment of goodwill and impairment losses of fixed assets as compared with the previous year; In terms of financial costs, the company continued to promote the optimization of debt structure, the borrowing rate dropped from 34.6% in 2024 to 30.7%, the financial costs also decreased year on year, and the financial security was further improved. Driven by cost
reduction, efficiency enhancement and cost control, the company's profitability has improved significantly. In 2025, the annual comprehensive gross profit rate is 16.7%, which is 0.2 percentage points higher than same period in 2024; the net profit attributable to parent company is 479 million yuan, which is 127.33% higher than same period in 2024; the earnings per share is increased from 0.03 yuan in 2024 to 0.07 yuan, which is about 130% higher than same period in 2024; On the whole, the company's efficiency has improved significantly, mainly due to the obvious reduction of three fees and the increase of other business income.
Table 2: Main Financial Data
of China Resources Building Material Technology in 2025 Source: Cement Big Data (https://data.ccement.com/)
Market Outlook: The downward trend of regional demand will not change. Profit growth is difficult to continue
. Externally, the consumption in Guangdong and Guangxi, the main business area of China Resources Building Materials Technology, has declined significantly, and the competition is very fierce. Since the beginning of the year, the price of cement has been falling continuously. It is expected that the price recovery space for the whole year will be extremely limited, and the company's main cement business will be under great pressure; Internally, although the revenue of aggregate and concrete business keeps growing, the profit level is low, coupled with the small scale of functional building materials and new materials business, the short-term contribution is not large, and it is expected that the profit of Huarun Building Materials Science and Technology will decline greatly in 2026. (This article does not constitute investment advice)
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