According to incomplete statistics, there are about 30 listed companies developing commercial mixing business in A-share motherboard, Hong Kong stock and Taiwan stock, of which 6 companies take commercial mixing as their main business. In the semi-annual report of 2026, 23 listed companies disclosed specific mixed business income, while listed companies such as Shanghai Construction Engineering, Jinyu Group, Qingsong Jianhua, China Nengjian, Yatai Group, Suning Global and Anhui Construction Engineering did not disclose mixed business income data. With regard to the sales volume, selling price, gross profit margin and payment collection performance of listed companies in the first half of 2026, the specific analysis is as follows:
First, nearly 80% of the enterprises'commercial mixed income declined. In the first half
of 2026, 23 listed companies achieved a total revenue of 24.928 billion yuan, a decrease of 17.43% compared with the same period last year, an increase of about 10.94 percentage points compared with the same period in 2025.
In terms of total revenue, in the first half of 2026, China's building materials realized commercial mixed revenue of 8.476 billion yuan, which is still the largest commercial mixed business enterprise in China. Secondly, Western Construction, Huaxin Building Materials, Huarun Building Materials Technology and Conch Cement, the top five listed companies achieved a total commercial mixed income of 21.701 billion yuan, accounting for 87.05% of the total commercial mixed income of 26 listed companies, accounting for a further increase of about 0.59 percentage points compared with the same period in 2025. Finally, Xinwei International, Asia Cement, Tailin Kejian, Tapai Group and Zhixin Group's mixed business revenue in the first half of the year was between 0.20-0.52 billion yuan, ranking in the bottom five.
In terms of income growth, in the first half of 2026, 18 listed companies'mixed business income decreased year-on-year, with a decline of more than 40% for Zhixin Group (-86.47%), Yonggu Group (-56.87%), Gaoli Group (-44.62%) and Shandong Road and Bridge (-41.24%). The mixed revenue of the remaining 14 listed companies fell between 3.59% and 28.27% year on year.
At the same time, 5 listed companies achieved year-on-year growth in commercial mixed revenue. Among them, the largest increase was in Shanshui Cement, with a year-on-year increase of 26.37% in commercial mixing revenue; the remaining four companies with increased revenue were Shangfeng Materials (17.89%), Yunnan Jiantou Concrete (14.80%), Zhongguancun (3.80%) and Conch Cement (1.79%).
Table 1: Commercial Mixed Income of 23 Listed Companies in the First Half of 2024-2026 (Unit: 100 million yuan,%)
Data Source: Cement Big Data (https://data.ccement.com/)
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