Tapai Group: Cement sales volume decreased by 13.47% in the first half of the year, gross profit narrowed by 0.85 percentage points

Recently, Tapai Group introduced to investors the basic situation of enterprises in the first half of 2026.

According to statistics, in the first half of this year, GDP grew by 4.7%, fixed asset investment fell by 5.7%, infrastructure investment fell by 2.4%, real estate development investment fell by 18%, an increase of 6.8 percentage points over the same period last year. Influenced by the overall weakening of investment, the continuous and deep adjustment of the real estate sector, the shortage of project funds and the shortage of new start-up projects, the cement market demand continued to decline unilaterally and the decline increased significantly. In the first half of this year, the cement industry as a whole showed the panoramic characteristics of "deep drop in demand, out of control of supply, bottoming out of prices, and loss of benefits", and the overall operation of the industry reached the most severe stage in 17 years. In the first half of the year, China's total cement output was 736 million tons, a year-on-year decrease of 8%, an increase of 3.7 percentage points over the same period last year. It is estimated that the whole industry will lose 2-3 billion yuan in the first half of the year, with a loss of about 60%. In the

first half of this year, Guangdong's GDP grew by 4.5% year-on-year, and investment in fixed assets fell by 11.4% year-on-year, of which investment in real estate development fell by 21.6% year-on-year. Regionally, the decline of fixed assets investment in eastern Guangdong is as high as 36.8%, and the overall decline of real estate development investment in eastern, western and Northern Guangdong is as high as 28.8%, which is significantly higher than average level of the whole province. Affected by this, the accumulated consumption of cement in Guangdong Province in the first half of the year was 55.5767 million tons, representing a year-on-year decrease of 8.6%, which was higher than national average (8%). The regional market demand shrank more obviously, and the operating pressure of cement enterprises in the province was generally greater. In the

first half of this year, the company realized an operating income of 1.742 billion yuan, down 15.30% from the same period last year, and realized a net profit of 219 million yuan attributable to shareholders of listed companies, down 49.6% from the same period last year. The net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 150 million yuan, down 37.98% from the same period last year. Net profit after deduction of non-recurring profit and loss decreased by 124 million yuan in the first half of this year compared with the same period last year, benefiting from the recovery of capital market and the disposal income of closed enterprises, the base of non-recurring profit and loss was higher. In the

first half of this year, the environmental protection business maintained substantial growth, achieving environmental protection disposal volume of 221,600 tons, a significant increase of 51.03% year-on-year, and achieving environmental protection disposal revenue of 76.7652 million yuan, an increase of 42.79% year-on-year. The installed capacity of photovoltaic power generation is 62.36 MW, the installed capacity of energy storage is 40 MW/80 MWh, and the cost of electricity consumption is further reduced.

From the perspective of volume, price, cost and profit of the main cement industry, in the first half of this year, the sales volume of cement was 6.8244 million tons, with a year-on-year decrease of 13.47%; the sales volume of "cement + clinker " was 7.1465 million tons, with a year-on-year decrease of 11.84%. The sales price of cement was approximately RMB223 per ton, representing a year-on-year decrease of approximately RMB13 per ton; the average cost of sales of cement was approximately RMB172 per ton, representing a year-on-year decrease of approximately RMB9 per ton; the comprehensive gross profit margin dropped from 24.26% in the same period last year to 23.41%, representing a year-on-year decrease of 0.85 percentage point.