Abstract: In 2025, the cement output of the whole industry declined by 6.9% year-on-year in the "cold winter of demand". Conch Cement achieved a net profit of 8.113 billion yuan (an increase over the same period of last year) by virtue of the hard nuclear technology indicators of energy consumption breaking the record again, carbon emissions continuing to lead, cost extreme control and intelligent full coverage. Systematically dismantling the benchmark value of its production technology-from the 13th Five-Year Plan to the 14th Five-Year Plan, Conch has defined the "survival pass line" and "excellent baseline" for the industry with five consecutive years of index iteration.
I. Core production capacity and operating indicators: industry anchor under counter-cyclical conditions In
2025, the demand for Conch Cement in the industry contracted. 6. Its core production capacity and operating data were disclosed in the official annual report. No external production estimate:
• Core production capacity (by the end of 2025): 234 million tons of clinker production capacity, 415 million tons of cement production capacity, aggregate production capacity 1. The anti-risk ability of the whole industry chain layout has been verified in the industry cycle.
• Capacity of new energy and circular economy: the installed capacity of wind and solar energy storage power generation in operation is 1,377 MW (including Tongliao 500 MW/2000MWh new energy storage power station), and the annual power generation capacity of waste heat power generation system exceeds 12.5 billion kWh; A total of 40 technical renovation projects of alternative fuels have been put into operation, covering more than 90% of the clinker base companies.
• Sales volume performance: The sales volume of self-produced cement and clinker products was 265 million tonnes, representing a slight decrease of 0.29% as compared with the same period last year, which was less than industry average (6). In the vicious competition of "volume for price" in the whole industry, the market share of Conch increased against the trend.
• Profit resilience: net profit attributable to parent company was RMB8.113 billion, representing a year-on-year increase of 5.42%; The comprehensive cost of cement clinker products decreased by 11.12% year on year. Among them, the cost of fuel and power decreased significantly compared with the same period last year. 15
. • Industry position: the national cement market share was stable at 12.5% -15.
2. Cost data: the core support
of counter-cyclical survival. The cost control effect of Conch Cement is the core support for its profit growth in the cold winter of the industry-all data are from the official data of the 2025 annual report:
• Comprehensive cost reduction: The comprehensive cost of cement clinker products decreased by 11.12% year on year. Among them, the cost of fuel and power decreased significantly compared with the same period last year. 15
. • Unit cost breakdown: In 2025, the comprehensive cost per ton of cement clinker decreased to 166.42 yuan/ton, a decrease of 20.83 yuan/ton compared with the same period last year; Among them, the cost per ton of fuel and power, which accounted for the highest proportion, was 87.47 yuan/ton, a decrease of 16.29 yuan/ton
compared with the same period last year. The proportion of fuel and power cost in the comprehensive cost is lower than that in 2024. 4
. • Cost reduction logic verification: the annual report data shows that the cost reduction of Conch Cement does not depend on a single factor. It is the superposition effect of "energy structure transformation + technical efficiency improvement + whole process management and control"-the substitution rate of green electricity has increased to 17%, and the proportion of alternative fuel use has reached 26.
The energy consumption index of Conch Cement has broken through again-from 110.54 kg standard coal/ton at the end of the 13th Five-Year Plan to 96.38 kg standard coal/ton in 2025. Cumulative decline of 12. The following is the official core energy consumption data (all from the 2025 ESG report):
4. Carbon emission: Industry demonstration sample
of deep decarbonization In 2025, the carbon emission reduction achievement of Conch Cement is a replicable sample of the "double carbon" transformation of the industry. Its core carbon indicators are all from the official inventory data of the ESG report, covering the first, second and third chains:
Core breakthrough: the proportion of alternative fuel use reaches 26. In addition, the world's first 50,000 tons/year cement kiln carbon capture purification project is in stable operation in Baimashan Cement Plant.
5. Fuel Substitution and Raw Material Substitution: New Progress and Benchmarking Cases
in 2025 In 2025, the large-scale application of Conch Cement in the field of alternative fuels and raw materials not only achieved significant carbon reduction effect, but also achieved remarkable carbon reduction effect. A sustainable model of "resource recycling + cost optimization" has also been constructed-all data are from the official disclosure of the 2025 ESG report:
(I) Fuel substitution: from "pilot application" to "group-wide scale"
2025 The year 2020 is the year of the outbreak of conch alternative fuel applications, and its core progress and benchmarking cases. It provides the industry with a large proportion of replicable alternative paths:
• Total substitution rate of the whole group: the proportion of alternative fuel consumption to coal consumption is 26.
• Cumulative and annual consumption: by the end of 2025, A total of 6.77 million tons of alternative fuels will be used; the annual consumption in 2025 will increase by more than 1.2 million tons compared with that in 2024, which is equivalent to reducing the consumption of standard coal by about 4.8 million tons, and the corresponding emission reduction of carbon dioxide will exceed 12 million tons.
• Technological breakthroughs and risk management and control: a total of 40 technical transformation projects of alternative fuels have been put into operation, and common problems in the industry such as large fluctuations in calorific value of alternative fuels and unstable working conditions of kilns have been overcome. Realizes the stable and large-proportion blending of the alternative fuel without causing great negative influence on the product quality and the operation of the kiln system.
• Benchmarking case: Battambang Conch: As the benchmark of overseas green transformation, Battambang Conch relies on the abundant rice husk resources in Cambodia to convert agricultural waste into core alternative fuels-the biological substitution rate will exceed 64% in 2025. Among them, the replacement rate of decomposition furnace is over 90%, and the replacement rate of the whole kiln is over 60%. The project not only realizes the deep integration of industrial production and agricultural resource recycling, accumulatively absorbs 750000 tons of biomass such as rice husk, which is equivalent to reducing the use of coal by 330000 tons, but also creates additional income sources for local farmers, and truly realizes the "triple unification of environmental, economic and social benefits".
• Benchmarking case: Tongling Conch: Annual use of alternative fuels by Tongling Conch in 2025 reaches 16.The consumption of raw coal is reduced by blending RDF, waste oil, biomass and other diversified alternative fuels. 5. The annual income of the project is about 59.14 million yuan, which verifies the dual value of "environmental protection + cost reduction" of alternative fuels and provides a replicable large-scale application sample for domestic cement enterprises.
(II) Raw material substitution: recycling
of industrial solid waste In 2025, the core progress of Conch Cement in the field of raw material substitution is to transform industrial solid waste from "environmental burden" to "production resources". Achieve a win-win situation of resource recycling and cost reduction and efficiency enhancement:
• Consumption scale and type: Consumption of industrial waste residues such as carbide slag, phosphogypsum, fluorogypsum and coal gangue in the whole year of 2025 530.
• Technical support and compliance control: By optimizing the proportion of raw materials, Technical means such as improvement of grinding process and application of on-line monitoring system ensure the stable quality of products replaced by industrial solid waste-all alternative raw materials strictly meet the relevant national standards, without any impact on core indicators such as cement strength and setting time.
• Extension of co-processing: In addition to the substitution of raw materials, Conch Cement further expanded the field of co-processing of solid and hazardous wastes — in 2025, the Group disposed a total of 2.4315 million tons of general solid wastes and 117 tons of hazardous wastes. The annual consumption of kitchen waste exceeds 20000 tons, which not only reduces the pressure of urban waste disposal, but also realizes the resource utilization of waste.
• Solid waste resource utilization 1: The Company carried out the mineralized phosphogypsum resource utilization project in Tongling Conch, a subsidiary of the Company, to promote the efficient conversion of phosphogypsum. Relying on the 5,000 tons/day clinker production line, it is estimated that the project can consume 1 million tons of phosphogypsum annually, produce 690,000 tons of ammonium sulfate fertilizer annually, and produce 540,000 tons of by-product calcium carbonate to replace limestone raw materials, so as to achieve annual carbon reduction. Preparing light calcium carbonate. The technology has met the conditions for industrial application and has been successfully operated in Quanjiao Haihua Company.
• Solid waste resource utilization 2: By coupling the coal gangue activation and calcination with the cement production system, 6. Substitution effect: The prepared low-carbon cementitious material can replace 30-40% of cement clinker
. 6. Environmental protection and resource utilization: The industry benchmark
of ultra-low emission in the whole process. The environmental protection index of conch cement is better than national standard limit, and the emission concentration of key regional subsidiaries is even far below the ultra-low limit requirement, which is not "the show of individual factories". But the standardization achievements of the whole group:
1. Exhaust emission
2.
• Solid waste co-processing: the total amount of hazardous solid waste co-processed in cement kilns was 360.
• Alternative raw materials: the proportion of alternative raw materials for industrial solid waste reached 22%. The annual consumption of industrial waste residues such as fly ash and desulfurization gypsum exceeds 57.68 million tons, which not only reduces the exploitation of natural resources, but also reduces the environmental pressure caused by solid waste landfill, and achieves "win-win environmental and economic benefits".
3. Among them, Zongyang Conch Cement Intelligent Factory Project was selected as the 2025 Excellent Intelligent Factory Project of the Ministry of Industry and Information Technology, and became the benchmark model of green manufacturing in the industry.
• Green mines: a total of 44 state-level green mines and 42 provincial-level green mines were appraised, and the completion rate of green mines was 100%. All mines have achieved "mining, management and greening at the same time", with a greening rate of more than 95%. Some mines have also explored the ecological restoration mode of "mine + photovoltaic" and "mine + agriculture", which has achieved the unity of ecological and economic benefits.
• Performance classification: 26 subsidiaries have passed the A-level enterprise evaluation of heavy pollution weather performance classification, and 25 subsidiaries have passed the leading enterprise evaluation, ranking first in the industry, which not only strives for greater production autonomy for enterprises during the period of environmental protection management and control, It also reflects the leading position of conch in the field of environmental protection.
7. Digitalization and intellectualization: industry sharing platform
for technology spillover In 2025, the digital transformation of Conch Cement entered the stage of "full process coverage" from "single breakthrough"-the first AI model in the building materials industry jointly built by Conch Cement and Huawei. It has become the technology sharing platform of the industry, rather than "exclusive barrier" of Conch:
1.
• Intelligent control of kilns: the standard coal consumption of the firing system will be further reduced by 1%. The annual carbon reduction of a single 5000 t/d clinker production line is 4500 tons, which has been opened to the whole industry through the "Conch Cloud" platform, and has been used by more than 30 enterprises of the same trade.
• Equipment anomaly identification: the accuracy rate reaches 95%, the equipment downtime is reduced by 15%, and the operation and maintenance cost is reduced by 12%-intelligent inspection robot and real-time monitoring system have replaced manual work to complete more than 90% of the equipment inspection work.
• Improvement of management efficiency: the automation rate of the Group's production lines reached 99.2
.
• Green transportation: the proportion of new energy transportation reached 17%, an increase of 5 percentage points compared with 2024; The internal bidding system for new energy transportation reduces transportation costs by 12% compared with traditional fuel vehicles, which not only reduces carbon emissions, but also builds a virtuous circle of "cost reduction + efficiency enhancement". The technical indicators of Conch Cement
in 2025 clearly indicate the survival and development logic of the industry-under the new normal of peak demand, overcapacity and high pressure of environmental protection, "scale expansion" has given way to "technology iteration". "Price competition" has given way to "cost and low-carbon competition":
1. Energy consumption and carbon emissions are the core competitiveness: the comprehensive energy consumption per ton of clinker is less than 97 kg of standard coal, Carbon emission intensity <
0.2. Green electricity + alternative fuels + energy-saving technological transformation is the necessary path: the superposition effect of the three. Conch cost reduction
11.3.4.5
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Conclusion
In 2025, Conch Cement handed in this technical answer sheet, which clearly points out the technical direction of the industry and is the technical action guide of the whole industry. Under the new normal situation of peak demand and overcapacity in the industry, whoever can match and approach Conch will be able to survive; whoever can surpass Conch in local indicators will be able to seize the future industry highland.
This 2025 technical indicator is the * * "survival passing line" and "excellent baseline" * * of the whole industry, which clearly tells us that the future of the cement industry belongs to those enterprises that achieve the ultimate technology, engrave environmental protection into the gene, and control the cost to the marrow.
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