In 2025, China's macro-economy continued the basic trend of steady progress, with GDP growing by 5% year-on-year. Among them, infrastructure investment fell slightly by 2.2% year-on-year, real estate development investment fell by more than 17%, and new construction area fell by 20.4%. Infrastructure and real estate support declined in both directions, and the national cement demand shrank again. The annual cement output was 1.693 billion tons, down 6.9% from the same period last year. The contradiction of excess capacity in the industry became more prominent, the market competition was extremely fierce, the cement price center continued to move down, and the profit scale of the whole industry was about 29 billion yuan, which was still at a historical low.
Nevertheless, there is a clear differentiation within the industry. Huaxin Building Materials, Western Cement and other enterprises deeply engaged in overseas markets have effectively hedged the domestic downward pressure by virtue of the rapid expansion of overseas business, and achieved revenue growth and profit improvement; some enterprises deeply engaged in regional markets and with excellent cost control have maintained considerable profit levels in adversity. According to the statistics of Cement Big Data Research Institute, 21 listed companies in the cement industry in Shanghai, Shenzhen and Hong Kong have published their annual reports, including 15 in Shanghai and Shenzhen and 6 in Hong Kong.
1. Performance of listed companies: Most of the companies increased profits without increasing income. Huaxin and Western China grew
against the trend. From the perspective of revenue, 5 of the 21 listed companies achieved revenue growth and 16 experienced a decline. There is only one Chinese building material company with a revenue of over 100 billion yuan. Among the
revenue growth companies, Huaxin Building Materials has performed well, with annual revenue of 35.348 billion yuan, an increase of 3.31% over the previous year, which is the largest one among the enterprises that have achieved revenue growth. Huaxin Building Materials adhered to the development strategy of "overseas multi-business development" as the core, and the overseas cement sales continued to grow at a high speed, which led to a substantial increase in overseas revenue, and the annual revenue rose against the market. The operating income of Western Cement was 9.621 billion yuan, an increase of 15.29% over the same period last year, which was mainly due to the continuous expansion of overseas markets. Mozambique, Congo, Ethiopia and other regions achieved sales growth, which led to a significant increase in total revenue. Sichuan Shuangma's revenue was 1.206 billion yuan, an increase of 12.19% over the previous year, mainly benefiting from the contribution of private equity investment income. Among the
16 declining companies, there were 3 companies with a decline of more than 20%: Ningxia building materials had the largest decline of 40.22%, which was mainly affected by the significant reduction of network transportation business; affected by the decline in both volume and price, the main business of cement was under obvious pressure, with the decline of 20.33% in Shanshui Cement and 23.06% in Evergreen.
Table 1: The profitability
of listed cement companies in 2025 Data source: Cement Big Data (https://data.ccement.com/)
From the perspective of net profit attributable to parent company, 14 companies made profits and 7 companies made losses. Among the profitable companies, eight achieved growth, four declined, and two turned around their losses; the extent of losses in the loss-making companies was clearly differentiated. Among the
profitable companies, Conch Cement achieved a net profit of 8.113 billion yuan, a slight increase of 5.42% over the same period last year, achieving positive growth in the context of a general downward price trend, demonstrating a strong cost control capability; Huaxin Building Materials achieved a net profit of 2.853 billion yuan, an increase of 18.09% over the same period last year, with outstanding contributions from overseas businesses; The net profit attributable to the parent company of Jianfeng Group was RMB412 million, representing a significant increase of 281.43% as compared with the same period of last year, which was mainly contributed by the investment income of associates and the steady growth of pharmaceutical business. The net profit attributable to the parent company of BBMG Jidong was RMB219 million, turning losses into profits, which was mainly due to the low base of last year and the obvious effect of cost reduction and efficiency enhancement. Among
the loss-making enterprises, Tianshan Materials suffered the most serious losses, with net profit attributable to parent company of -7.291 billion yuan, down 916.41% year on year, mainly due to the company's large provision for asset impairment and goodwill impairment; CNBM suffered a loss of 3.745 billion yuan, down 256.88% year on year, mainly due to its subsidiary Tianshan Materials; Yatai Group lost 2.040 billion yuan, the real estate sector continued to drag down, and the risk of asset impairment remained.
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