In 2026, the situation of basic building materials industry is still complex and severe, showing the overall characteristics of "demand pressure, high cost, intensified competition and urgent transformation". At the international level, the intensification of geopolitical game and the rise of trade protectionism have made overseas projects face greater challenges in compliance management, risk provention and control and localization adaptation. At the domestic level, the slowdown of macroeconomic growth, the deep adjustment of real estate and the negative growth of infrastructure have led to the overall decline of demand. At the same time, the contradiction of serious overcapacity is prominent, the industry is increasingly involved, and enterprises are facing the dual pressure of stable growth and structural adjustment. At the industry level, the challenges in various sub-areas are concentrated: there are differences in the implementation of policies such as cement capacity management and control, and it is still difficult to form a unified consensus on off-peak production in the industry. The cost of safety and environmental protection and "double carbon" technological transformation has increased significantly, and the profit margin has been squeezed: the problem of high advance capital and long account period of commercial concrete has not been solved, combined with the vicious competition of low price, the pressure of operation quality and cash flow is prominent; the release of new aggregate production capacity combined with the decline in demand, the market supply exceeds demand, and the price is under pressure and shows a downward trend.
1. Intensified competition and downside risk
of demand The Company is mainly engaged in the production and sales of cement, clinker , commercial concrete and aggregates, and the industry is closely related to the macroeconomic operation. The scale of fixed asset investment, urbanization process, infrastructure construction, real estate market and other factors have a far-reaching and significant impact on the Company's development strategy. Changes in macroeconomic policies and the slowdown in economic growth have a far-reaching impact on the Company's development. Facing the complex and severe international situation, the arduous task of domestic reform, development and stability, the slowdown of economic growth, the adjustment of industrial structure, the decline of cement market demand, the intensification of the contradiction between supply and demand balance, the future competition situation in the industry is still complex, which will have an impact on the business performance of enterprises.
Response measures: The Company actively implemented the policy of standardizing production capacity management, deepened the supply-side structural reform, consciously resisted the "involution" competition behavior, firmly practiced the business philosophy of "price, cost and profit", promoted the implementation of supplementing quantity with price, stabilizing profit with price, optimizing the balance between quantity and price, and continuously consolidated the market base. Relying on the refined cost control system, seize the window period of raw material price drop, continuously optimize the production ratio, energy consumption and operation and maintenance costs, and reduce the overall manufacturing costs; At the same time, we will stick to the bottom line of the price, steadily control the sales price, continuously consolidate the profit margin, stabilize the core market competitiveness, and hedge the operational risks brought by the downturn of the industry and market competition. We will give full play to the synergistic advantages of the industrial chain, promote the sharing of cement, commercial concrete and aggregate channel resources, and enhance the efficiency of integrated sales. Continuously and iteratively upgrade the Company's e-commerce platform "Jucaitong", and gradually build it into a building materials e-commerce and integrated service platform with strong influence; through the establishment of basic building materials research and development center, carry out research projects such as superfine Portland cement, special cement-based materials for negative temperature environment, and constantly support the Company's development needs, low-carbon transformation and high-end product cultivation; Actively and steadily lay out international development and expand business space.
2. Under the goal of "double carbon", the risk
of compliance and cost pressure brought by the tightening of environmental protection standards and the dominance of carbon costs will enter the stage of "double carbon" policy in 2026, and "double control of carbon emissions" will become a hard constraint for the industry. With the implementation of the normal performance of the national carbon market and the three-year action of energy conservation and carbon reduction in key industries, the carbon cost will become explicit, and the company's operation will face clear compliance risks and cost pressures. In terms of compliance risk, the Ministry of Ecology and Environment strictly controls the process of carbon accounting, carbon verification and carbon compliance in the cement industry. High-quality carbon data management and timely performance clearance are the key points for enterprises to operate in compliance. Cost pressure: in 2026, on the basis of total balance, the cement industry will "reward the good and punish the bad" according to the carbon intensity of clinker, and the carbon compliance expenditure of high carbon intensity enterprises will become the rigid cost of production.
Response measures: The Company took the initiative to adapt, took various measures simultaneously, built a solid compliance bottom line, and mitigated the cost pressure: First, improve the carbon compliance management and control system, strictly implement the requirements of the dual guidelines for the cement industry, improve the quality of carbon data through normalized "carbon assistance", and consolidate the compliance management of carbon data; The second is to anchor the annual carbon reduction target and continue to promote the energy-saving and low-carbon technological transformation of clinker production lines to reduce clinker carbon emissions; the third is to optimize the structure of raw materials and fuels, expand the scale of application, promote the recycling of solid waste resources, and effectively reduce carbon emissions at the production end; the fourth is to continue to promote the construction of carbon digital management platform and improve the efficiency of green production and operation through dynamic analysis and control of data; Fifth, promote the whole life cycle management of carbon assets, through active carbon assets management such as CEA, CCER and other value-added programs, to achieve effective value-added of carbon assets.
3. Fluctuations in the prices of raw materials and fuels, increases in unit fixed costs, and increases
in the risk of corporate cost control The economic environment is complex and volatile, international energy prices fluctuate, and domestic environmental protection policies such as ultra-low emissions and green supply chain standards continue to tighten, resulting in rigid increases in fixed costs such as corporate investment in environmental protection and equipment operation and maintenance. At the same time, the tight supply and demand structure of raw materials and alternative fuels and frequent price fluctuations further aggravate the pressure of production and operation costs of enterprises, and the difficulty of cost control continues to increase.
Response measures: First, optimize the procurement strategy, broaden high-quality supply channels, cultivate a diversified supplier system, deepen the strategic cooperation of core manufacturers, optimize the procurement mode of alternative fuels, and hedge the risk of market price fluctuations; The second is to consolidate the stable supply capability of the supply chain, accurately judge the market trend, scientifically arrange production, reasonably control the warehouse, steadily promote the construction of clean transportation and green supply chain, and ensure the stable and compliant supply of raw materials; the third is to promote the digital empowerment of procurement, relying on the SRM procurement platform, using big data to carry out price monitoring and market analysis, so as to improve the accuracy of procurement decision-making and overall work efficiency; Fourthly, we should deepen the fine cost control, strictly implement the mode of centralized procurement and direct mining at the source, reduce the intermediate links, strengthen the cost accounting and benchmarking analysis of the whole process, and continuously tap the space for cost reduction and efficiency enhancement.
4. Accounts receivable risk
The accounts receivable of the Company is mainly formed by the commercial concrete products business, which is based on the risk caused by the characteristics of the industry, and is deeply affected by factors such as the macroeconomic environment and changes in the real estate and infrastructure industries. The main customers of the company's commercial mixed products are construction enterprises, including central enterprises, local state-owned enterprises and other enterprises with strong performance ability, and the overall credit risk is relatively controllable. If some customers have difficulties in capital turnover due to policy adjustment or poor operation, it may lead to the risk of delayed payment collection or bad debts; if the customer structure and aging structure change, such as the increase of accounts receivable with longer aging, there is liquidity risk or bad debt risk, which will adversely affect the company's financial situation and operating results.
Response measures: The Company took multiple measures to strengthen the management and control of the whole process of accounts receivable. The first is to build a comprehensive risk control system, complete the full-time risk control team, regularly carry out professional training, and consolidate the risk control talent base; the second is to unify the company's marketing risk control and receivables special management methods, implement customer credit rating, and realize the whole chain control before, during and after the event; Thirdly, the Company will improve the assessment and management mechanism, incorporate core indicators such as long-aged overdue accounts and the proportion of high-risk customers into the enterprise assessment, and consolidate the management and control responsibilities; fourthly, the Company will continue to optimize customer credit evaluation and access control, and intensify the collection and legal disposal of difficult accounts. By taking into account both short-term risks and long-term mechanism construction, we can effectively prevent the risk of receivables and ensure the safety of the company's funds.
5. Risk
of international operation The Company focuses on the goal of being a world-class basic materials manufacturing service provider and steadily promotes international development. There are many uncertainties, such as international professionals, exchange rate fluctuations, trade frictions, regional security instability and so on, which bring risks and challenges to the development of international operations.
Response measures: The company will maintain the unity of strategic rationality and economic rationality, establish a development strategy and business model adapted to overseas markets, and actively and steadily carry out international development. Take Sinoma Cement , the international development platform , as the main body, do a good job in the top-level design and resource allocation of international development; strengthen the cultivation and introduction of compound talents to provide a strong guarantee for "going out"; do a good job in industry research and do a good job in the research and analysis of country risks; We should attach importance to risk identification and risk provention and control, strengthen internal and external coordination, scientific management and control, and operate in compliance with regulations to deal with related risks.
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