Comprehensive review: In the first half of 2026, China Resources Building Materials Technology achieved an operating income of 8.636 billion yuan, a year-on-year decrease of 15.38%; the net profit loss attributable to the parent company was 441 million yuan, the first half-year loss since listing. In the first half of the year, China Resources Building Materials Technology Co., Ltd. showed the differentiation of "deviation between volume and price": the sales volume of cement clinker decreased by only 0.7%, far outperforming the national 8% decline in production; the sales volume of concrete increased by 15.7%, a record high in the same period. However, the prices of the three major products plummeted across the board, the cost decline was far from enough to offset the price decline, and the company turned from profit to loss.
Figure 1 and 2: Revenue of China Resources Building Materials Technology in the first half of 2026, Profit Trend
Data Source: Cement Big Data (https://data.ccement.com/)
The price plummeted, causing gross profit per ton to shrink by more than 70%, resulting in the first loss
of listing. In the first half of this year, the downstream consumption was sluggish, and the market competition was extremely fierce. Affected by this, the company's cement product price fell sharply to 206 yuan/ton, down 16.6% year-on-year. On the cost side, the company continued to deepen the whole value chain to reduce costs and increase efficiency, broaden procurement channels and optimize procurement methods. The production cost of cement per ton was 193.9 yuan/ton, a slight decrease of 1.7% compared with the same period last year. Despite the improvement, the cost decrease (1.7%) was far less than price decrease (16.6%), and the gross profit per ton dropped sharply to 12.1 yuan/ton. The shrinkage is as high as 75.6%. In the first half of 2026, it suddenly fell into the loss range, recording the first loss in the first half of the year since its listing.
Table 1: Data
of tons of cement products of China Resources Building Material Technology in the first half of 2026 Source: Cement Big Data (https://data.ccement.com/)
In terms of major profit indicators, the comprehensive gross profit rate in the first half of 2026 was 8.27%. Earnings per share was RMB-0.06, representing a year-on-year decrease of 250%; return on equity was -1%, representing a year-on-year decrease of 1.69 percentage points. It is worth noting that although the company's three-fee rate dropped by 1.23 percentage points to 15.10%, the management cost dropped by 26.6% to 917 million yuan, and the financial cost dropped to 197 million yuan, the cost reduction is still difficult to resist the loss impact caused by the collapse of gross profit.
Table 2: Main financial indicators
of China Resources Building Material Technology in the first half of 2026 Data source: Cement big data (https://data.ccement.com/)
Sales volume resilience highlights Concrete reached a record high in the same period
. Under the background of the sharp shrinkage of cement demand in China, the sales of cement products of China Resources Building Materials Technology showed strong toughness. In the first half of the year, the sales volume of cement products of the Company was 25.127 million tons, representing a slight decrease of only 0.7% compared with the same period last year, which was much lower than 8% decrease in the national cement output, and the decrease was significantly narrowed by 11.9 percentage points. The competitiveness of the Company in the core market tended to be enhanced.
Figure 3: Trend
of sales volume of cement products of China Resources Building Material Technology Data source: Cement Big Data (https://data.ccement.com/)
The concrete business became the biggest bright spot in the first half of the year. The Company gave full play to the synergistic advantages of the integration of cement, concrete and aggregate, continued to expand the concrete market, and established 8 new concrete mixing plants, with the total annual concrete production capacity increased by approximately 3.8 million cubic meters as compared with the end of 2025. In the first half of 2026, the company's concrete sales volume reached 7.957 million square meters, an increase of 15.7% over the same period last year, a record high in the same period since listing.
Figure 4: Trend
of concrete sales volume of China Resources Building Material Technology Data source: cement big data (https://data.ccement.com/)
In terms of three major business incomes, In the first half of the year, cement, concrete and aggregate realized revenue of 5.175 billion yuan, 1.96 billion yuan and 1.089 billion yuan respectively, totaling 8.224 billion yuan, accounting for more than 95% of the total revenue. The average selling prices of the three products were 206.0 yuan/ton, 246.4 yuan/square meter and 30.6 yuan/ton, respectively, down 16.6%, 18.6% and 15.5% year on year. Although concrete sales increased by 15.7%, due to the 18.6% drop in prices, concrete revenue fell by 5.8% to 1.960 billion yuan, showing a pattern of "no increase in incremental income". The gross profit margins of the three major businesses narrowed across the board, with the gross profit margins of cement, concrete and aggregate being 6.2%, 12.0% and 13.6%, respectively, representing a decrease of 13.9, 2 and 11.7 percentage points as compared with the same period last year.
Figure 5: Revenue trend
of the three major businesses of China Resources Building Materials Technology Data source: Cement Big Data (https://data.ccement.com/)
Outlook for the second half of the year: The recovery of volume and price is limited. Operating performance is under great
pressure. Looking forward to the second half of the year, the company's main operating areas in Guangdong and Guangxi have limited room for demand recovery, coupled with the impact of low-priced cement in the surrounding areas, cement prices are likely to remain low. Although the production capacity of concrete and aggregate continues to be released, the effect of "quantity for price" is decreasing and the hedging effect is limited. On the whole, under the background that the industry demand has not yet bottomed out and the price probability remains low, the company's operation in the second half of the year is still facing greater pressure. (This article does not constitute investment advice)
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