of 2026, affected by the expansion of real estate investment decline and the negative turn of infrastructure investment, the demand for cement declined in depth, the contradiction between supply and demand continued to intensify, the market competition was extremely fierce, the price of cement went down all the way, and the price of coal rose sharply, which raised the production cost of enterprises. The whole industry is in a loss predicament. According to the forecast of Cement Big Data Research Institute, the total profit or loss of the cement industry in the first half of the year ranged from 3 billion yuan to 5 billion yuan.
From the perspective of enterprise performance, in terms of revenue, 15 of the 19 enterprises disclosed revenue decreased year on year, and none of them increased; In terms of
net profit, 10 of the 19 enterprises suffered losses, more than half of the losses, and the net profit of 12 of the 19 enterprises decreased year on year, and the depth of the loss side far exceeded the profit side.
In addition, among the enterprises with net profit growth, it is almost impossible to see that they benefit from the improvement of the main cement business: Qingsong Jianhua, Ningbo Fidelity , Xinjiang Tianye and Xizang Tianlu are not pure cement, and the improvement of profits mainly depends on non-cement businesses such as chemical industry and engineering construction; The growth of Huaxin Building Materials benefited from overseas business expansion, while the substantial growth of Shangfeng Materials came from non-recurring gains such as equity investment.
On the whole, the cement industry as a whole is in the stage of "volume and price falling, profit bottoming".
Cement Big Data Research Institute said that for the second half of 2026, we believe that under the background of weak overall demand and limited price rebound, the industry's profit repair foundation is extremely fragile. According to the current situation, leading enterprises can not reach a consensus on market coordination and production control, cement prices continue to fall, 2026 or become the bottom of the current downward cycle of profits, the whole industry into a loss state. If the loss dilemma can force enterprises to take the initiative to increase efforts to control production and guarantee prices, prices will rise to a certain extent, and the industry is expected to get rid of the overall loss situation, but it is also difficult.
Figure: Projected Low
Profit Margin of Cement Industry in 2026 Data Source: Cement Big Data (https://data.ccement.com/)
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