Comprehensive review: In the first half of 2026, BBMG Jidong achieved an operating income of 9.642 billion yuan, a year-on-year decrease of 18.02%; the net profit loss attributable to the parent company was 957 million yuan, a significant increase from the loss of 154 million yuan in the same period last year. In the first half of the year, the national cement consumption continued to decline, the volume and price of the company's cement clinker fell, and the gross profit per ton was nearly halved, which was the direct driver of the loss expansion. But at the same time, the company's industrial chain extension has achieved remarkable results. After the acquisition of 21% equity of BBMG Concrete Group, the production capacity of ready-mixed concrete has increased greatly, the production capacity of aggregate has exceeded 100 million tons, and the business volume of hazardous solid waste disposal has increased.
Figure 1 and 2: Revenue of BBMG Jidong in the first half of 2026, Trend
of profit Data source: Cement big data (https://data.ccement.com/)
Decrease in both volume and price of cement clinker Loss expanded by more than five times
BBMG Jidong is the largest cement group in northern China, with a market share of more than 50% in the Beijing-Tianjin-Hebei region. In the first half of the year, the national cement demand continued to weaken, the market competition was extremely fierce, and the company's core market in North China was the first to bear the brunt. In the first half of 2026, the comprehensive sales volume of cement clinker of the company was 34.89 million tons, with a year-on-year decrease of 6.7%; the comprehensive selling price was 205.8 yuan/ton, with a year-on-year decrease of 16.2%. Under the decline of both volume and price, the income of cement clinker was 7.18 billion yuan, with a year-on-year decrease of 21.8%. On
the cost side, the company has made every effort to improve the quality and efficiency of its operation, vigorously reduce costs and increase efficiency, steadily promote energy-saving and consumption-reducing projects, promote the substitution of raw materials and fuels, and expand the proportion of zero-cost and negative-cost purchases. In the first half of the year, the cost of cement clinker per ton was 180.3 yuan/ton, down 7.4% from the same period last year, and the pressure drop was considerable. Gross profit per ton was RMB25.5 per ton, representing a year-on-year decrease of 49.9%, almost halving; gross profit margin of cement business was 12.4%, representing a decrease of 8.3 percentage points. In addition, the decrease in profits of joint ventures resulted in the change of investment income from profit to loss (86 million yuan to-4 million yuan), which further dragged down the performance. On the whole, the volume and price of the main cement industry dropped, the joint ventures turned to losses, and the company's loss margin expanded. In the first half of the year, the net profit attributable to the parent company was -957 million yuan, an increase of 800 million yuan over the same period last year.
Figures 3 and 4: Sales
of cement clinker of BBMG Jidong in the first half of 2026 Source: Cement Big Data (https://data.ccement.com/)
From the perspective of regions, North China is the core business region of BBMG Jidong, accounting for the largest proportion of revenue. Close to 73%. Northeast China is the company's second largest revenue contributor, accounting for 8.45%, a slight decrease of 0.03 percentage points compared with the same period last year, but the gross interest rate is the highest, reaching 27.9%. The rest of the region accounts for a relatively small proportion, which has little impact on the company's overall revenue.
Figure 5: Revenue Proportion of BBMG Jidong by Region
Data Source: Cement Big Data (https://data.ccement.com/)
Industry Chain Extension Becomes a Bright Spot Concrete production capacity has risen sharply
, while the main industry is under deep pressure, the company's "cement +" industrial chain extension has handed in brilliant answers. In the first half of this year, the company completed the acquisition of 21% equity of BBMG Concrete Group, adding about 77 million square meters of ready-mixed concrete production capacity (including leasing), increasing production capacity to about 87.91 million square meters, an increase of more than seven times compared with 10.8 million square meters at the end of 2025, and achieving leapfrog growth in concrete production capacity. In terms of aggregate, the new production capacity in the first half of the year was about 5.6 million tons, the overall production capacity exceeded 100 million tons, and the gross profit margin was 39.8%, which was still the most profitable sector of the company, and the integrated layout of "cement-aggregate-concrete" was further improved.
Figure 6: BBMG Jidong's aggregate and concrete production capacity continues to increase
Source: Cement Big Data (https://data.ccement.com/)
In the first half of this year, the Company grabbed the dividends of policies related to solid waste treatment. Industrial hazardous waste, sludge and other orders expanded, disposal volume steadily increased, hazardous solid waste disposal business achieved revenue of 440 million yuan, an increase of 21.4% over the same period last year, becoming the only growth sector. Or thanks to the increase in the proportion of high value-added hazardous waste and the fine management and control of internal operations, the disposal efficiency has been improved. In the first half of the year, the gross profit margin of hazardous solid waste business was 29.4%, representing an increase of 1.8 percentage points as compared with the same period of last year.
Figure 7: Operation trend
of environmental protection business of BBMG Jidong Data source: Cement big data (https://data.ccement.com/)
Outlook for the second half of the year: Price recovery is expected to be limited Turning around losses in the second half of the year is still under pressure
. Looking forward to the second half of the year, the Company plans to focus on new infrastructure and urban renewal opportunities such as water network and underground pipeline network, so as to promote high-end and differentiated product structure. However, the demand for cement in the company's main business areas is expected to continue to decline, and the price is running at a low level. Although the integrated industrial chain layout and continuous cost reduction continue to enhance the core competitiveness of the company, the short-term effect is not obvious, and the pressure of turning losses into profits is still great. (This article does not constitute investment advice)
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