of 2026, China's economy continued to improve, with GDP growing by 5% year-on-year and 1.3% year-on-year. Among them, fixed asset investment increased by 1.7%, of which infrastructure investment increased by 8.5%, and real estate investment continued to grow negatively, falling by 11.2%. Affected by insufficient capital construction funds and the continuous decline of real estate, cement production in the first quarter was 300 million tons, down 6.9% from the same period last year, and capacity utilization rate was at a low level. In terms of price, the ex-factory price of cement in various regions continued to hover at a low level, and the performance of the southern market was slightly better than that of the northern market, but the overall average price was still below the break-even line, and the operating pressure of the industry continued to increase. According to the statistics and analysis of the
Cement Big Data Research Institute, 19 listed companies in the cement industry in Shanghai, Shenzhen and Hong Kong have announced their results for the first quarter of 2026.
1. Performance of listed companies: The revenue generally declined and the loss was still large. In the first quarter
of 2026, the overall performance of 19 listed companies continued to be sluggish, most of the operating income declined year-on-year, and the number of profitable enterprises was limited. In terms of overall revenue, China Building Materials ranked first with 35.767 billion yuan in business income, followed by Conch Cement 17.066 billion yuan and Tianshan Stock 12.334 billion yuan; Huaxin Building Materials achieved counter-trend growth, with business income increasing by 24.40% year-on-year, which is the largest increase among 19 companies, mainly due to the consolidation of overseas market Lafarge Africa, which largely hedges the pressure of pure cement business. The revenue of most companies declined year on year, with the largest decline of 47.44% in building materials in Ningxia, mainly due to the contraction of logistics business and the shrinkage of local cement demand; the volume and price in the northern market and East China decreased significantly, with the decline of more than 20% in Jinyu Jidong, Shanshui Cement, Shangfeng Cement, Evergreen Cement and Fujian Cement; CR Building Material Technology recorded a decrease of 9.90%, which was supported by the aggregate and concrete business, and the decrease was relatively controllable; the revenue of Xizang Tianlu and Qingsong Jianhua achieved a slight positive growth, reflecting the differentiated performance of the border and local regional markets.
In terms of net return to the mother, there are only 6 profitable enterprises in 19 companies, including Conch Cement (1.468 billion yuan), Huaxin Building Materials (630 million yuan), Tapai Group (147 million yuan), Shangfeng Cement (0.32 billion yuan), Ningbo Fidelity (0.60 billion yuan) and Sichuan Shuangma (0.59 billion yuan). The remaining 13 companies all suffered losses. The net profit of Conch Cement fell 18.98% year on year, but its profit volume is still far more than sum of other profitable enterprises, and its leading position is stable. The profit of Huaxin Building Materials increased by 169.39% year on year, benefiting from overseas projects and diversified business contributions. Among
the loss-making enterprises, Tianshan shares suffered the largest loss, reaching 1.495 billion yuan, almost the same as the same period; BBMG Jidong suffered a loss of 994 million yuan, an increase of 13.90% over the same period last year; Shanshui Cement suffered a loss of 716 million yuan, and Yatai Group suffered a loss of 225 million yuan, both of which have reduced losses, indicating that some northern enterprises have achieved initial results in reducing costs. Competition in the southern market is fierce, downward pressure on prices is greater, and four companies, including China Resources Building Materials Technology, Asia Cement, Evergreen and Jianfeng Group, have turned to losses.
Table 1: Profitability
of 19 Listed Cement Companies in the First Quarter of 2026 Data Source: Cement Big Data (https://data.ccement.com/)
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